SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says

[nelson4lov]

I'm not sure we should be rejoicing over the statement made by Coinbase about its case with the SEC. Historically, The government has never been a fan of Bitcoin and the fact that they only show an ounce of support is nothing to write home about. I have checked the replies and it looks like many people are really hoping for the government to accept Bitcoin formally, but that's not what we really want. The government is only going to fully accept Bitcoin if they find a way to gain control of some sort. Otherwise, Nada.

It might be good for a small price upswing but zero wins for the technology or adoption.

[thecodebear]

A few of the posters here seem to not understand the situation and seem to think this is the SEC supporting Bitcoin or even has something to do with SEC planning to accept a Bitcoin ETF.


lol. That is not the case!


Gary Gensler (and hence the SEC) is very anti-Bitcoin. Gary Gensler has literally said Bitcoin shouldn't exist. If it were up to Gensler, Bitcoin and all the rest of cryptocurrencies would cease to exist and the exchanges would all close down and the entire industry would disappear and the entire idea of cryptocurrency and Bitcoin would disappear from history.

If you're somehow reading this as the SEC supporting Bitcoin you are entirely missing what is going on.

The only reason the SEC didn't ask Coinbase to also shut down Bitcoin trading is because there is zero basis whatsoever for the SEC to ever make a claim that Bitcoin is a security or that they have any claim over Bitcoin. Just about every other cryptocurrency they can at least make the claim that its a security. Most cryptocurrencies are tokens created by companies who run an app or network and one of the main goals of that token is to fund the company's operations in support of the app or network (as well as of course make the founders rich). Now, I think cryptocurrencies should be regulated with their own custom made rules, rather than try to apply 1930s rules to something that was invented 80 years later, but at least in their own rigid controlling mindset the SEC can at least attempt to make the bad case that altcoins are securities. There however is no case to be made that Bitcoin is a security because it has from day 1 been created as a decentralized currency, not as a company product and fundraising tool.

So the SEC leaving out Bitcoin has absolutely nothing to do with them supporting Bitcoin. The SEC (specifically Gensler) wants to shut the entire Bitcoin and crypto industry down. He hates Bitcoin and crypto, he doesn't want it to exist. But he at least knows he has no legal pathway to go after Bitcoin itself, so he is doing the next best thing to attack Bitcoin and crypto, which is to try to shutdown and vilify/criminalize the exchanges that Bitcoin and the entire crypto industry rely on. The only thing Gensler can specifically do against Bitcoin is to continue to refuse to accept any Bitcoin ETFs, which will obviously continue for as long as Gensler is in charge.





Anyway, its insane that the SEC told Coinbase to stop trading all altcoins. Gensler is so far past the point of integrity I think all these overreaches by the SEC will not go unnoticed and there will be a strong congressional backlash against the SEC eventually since they are essentially acting as a corrupt govt body against Bitcoin and Crypto at this point, all due to one man's personal vendetta against Bitcoin and Crypto.

[Wimex]

As bad as this sounds, this is good for Bitcoin if they will really put pressure on exchanges to halt trading of altcoins. Btw this is a short term benefit which could see all money poring in from altcoins into Bitcoin and pushing its price up!

But what I don't get from these guys.. is how do they differentiate Bitcoin from all other altcoins despite all these falling under the umbrella of being cryptocurrencies!!? Very fishy tbh,  more like divide and conquer....they choose to single out the loudest and once the small coins die then they will come for the big fish 🐟 🤔.  If they want to halt trading on our exchanges let all coins go through  the same treatment without  their current approach, just my 2cents.

How ironic that the actions of this organization, whether good or bad, are justified as having a double intention, that is the reputation that they have earned for those who do not trust their decisions, as is the case in my case, for the majority, what do the SEC bring about another deadlock (so to speak) for cryptocurrencies in general including bitcoin or another point in their favor, with the purpose of gaining something in return…your question about:

How do you differentiate Bitcoin from all the other altcoins even though they all fall under the umbrella of being cryptocurrencies?

It seems interesting to me, if I think a little about how they deduced this distinction, I would be inclined towards the possibility that they determined this difference due to the fact that first the altcoins maintain function protocols that btc does not have, the development of these cryptocurrencies in As for the blokchain chain, it is much larger than the original bitcoin, and one aspect that for me is the most evident is whether the purpose for which altcoins were created, on a page that talks about cryptocurrencies derived from btc, is It exposes how these work and what they were created for, but there is a point of everything they describe there that is what could determine that decisión

Stablecoins are cryptocurrencies whose value is “pegged” to another asset, typically U.S. dollars. Stablecoins maintain their peg in a variety of ways, usually involving holding a reserve of dollars and other assets equivalent to the amount of the stablecoin in circulation

Source: https://bitpay.com/blog/guide-to-altcoins/

Bitcoin does not work this way because its only support derives from its own technological algorithm.

I believe that this could be the reason that led them to classify it as different.

[FirmWars]

I read this on the Binance app but hardly believed it.

That's interesting, and the only reason that could have made SEC come out with such a conclusion might be the inner digging where altcoins must have been implicated. They have better tools and internal mechanisms than what we see and altcoins might have entirely been Scam/Unfair entities in the name of the scalability and advancement.

I read the news about 10 hours ago but has not helped Bitcoin rise but it rather sells.

True be told, aren't almost altcoins shitcoin? See what a token called BALD running on Base blockchain (Coinbase very own blockchain) did to their investor? They rug pulled and SEC was aware of the disaster.

They are now hunting Richard Heart of Hex and Pulsechain owner too, he has been charges of unregistered securities offerings and millions of people are happy about it, I knew Hex was a scam and why did it took the SEC this long to go after real scams anyway?

[mk4]

In some situations I would agree with you in this topic, but not entirely now.

Although people are free to do whatever they want with their money, "A person’s freedom ends where another man’s freedom begins."

Some of those shitcoin are just ponzi schemes. They are created by criminals, people who are just trying to get people' money with fake pump and dump schemes.

Those schemes are illegal in almost every country for a reason.

I am not saying every altcoin is a pump & dump. I have and I had some good altcoins, such as ethereum and chainlink and some stablecoins.

That's a good point; but I think while people should definitely be able to buy/sell whatever they want, but the scammers should go straight to jail. Coinbase only having BTC will remove both the scams and the legitimate altcoins.

[ginsan]

XRP is an altcoin whereas Ripple previously won a lawsuit against Sec in court. So Coinbase had to go back to delisting XRP on their exchange after having re-listed it in the previous two weeks. This is the latest Joke made by Sec on their opinion against Coinbase to remove all altcoins except Bitcoin on their exchange.

I think it will be quite opposed by many crypto community be it Ethereum community or XRP Community because these two Coins have big investors in them. I think this request will not be won by Sec or Coinbase will ignore it. The SEC always make the situation more complicated with their judgments or appeals.  people can take risks to their finances and freedom is what they want.

[satscraper]

Most ( if not all) Bitcoiners, like me, should  appreciate  SEC decision. I think those shitaltcoins are nothing more then the recipe designed to strip folk of their BTC. Besides of that altcoins are used very often to fool people. One day ago I  was hit by " fake stake-XLM-scam"  that cost me around $3500. Now I'm a hard bitcoiner. No shitaltcoins  in my stash.

[Outhue]

SEC chairman want to keep his job at all cost, I remember he used to support Cardano, but now he wants to force Coinbase to delist all altcoins? That's impossible, I think it's time for Brian to go to court and stop solving this nonsense out with money, most altcoins are trash projects but some are better than Bitcoin when looking at their utilities, I am all in on Bitcoin but that doesn't mean that all altcoins are a scam, SEC will end up messing themselves up, it's a matter of time, I can bet it with anyone, their problem will start when the present President leaves that throne, SEC should start going after scammers not fighting the whole crypto market, this is a wrong approach, and this makes me think that they have double intentions, pretending to fight for people on one hand and benefitting themselves on the other.

[yudi09]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

Full support for Bitcoin as altcoins are mostly useless projects.
The US Securities and Exchange Commission's request for Coinbase to stop trading activity other than Bitcoin was appropriate, but they seemed to be playing a drama though I responded positively to their request.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

Hopefully it will materialize slowly.

Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.

Like in my country where Bitcoin is a commodity asset and not a means of payment. As an individual who continues to support Bitcoin I feel very lucky when the government does not prohibit us from dealing with crypto even as a commodity asset but they finally launch a crypto exchange under their control^[1]. For an increase in the price of Bitcoin, it may not have an effect on the launch of this crypto exchange because in essence the increase and decrease in prices occurs due to issues and global impacts that occur.

[yazher]

Wow, this is quite surprising. However, it appears that the request for deletion of altcoin assets is not a formal request from the SEC. This is getting interesting, let's see how Coinbase officially responds to this

Maybe bitcoin is considered by the SEC to have undoubted value so they recommend bitcoin trading. This shows that the SEC is on board with bitcoin and the value of bitcoin is so strong there is no doubt about it. Bitcoin is a commodity that has a high value, I think that is undeniable and the SEC justifies this with their statement, because they reject altcoin trading in favor of bitcoin

There is no bad when Coinbase wanted to do that but as we know, they are gonna lose huge amounts of money as well because the SEC won't cover the possible incomes that the Coinbase gets from altcoins trading in their exchanges. We all know when SEC gives their verdict on something, it is because they are seeing some gain in the future about it. Therefore, Coinbase should consider not following the SEC because there will be no turning back if they do so and they will gonna be overcome by their competitors because of this kind of limitations that they have.

[Lucius]

I've been telling people for months that Gary Gensler has told numerous times that Bitcoin is the only true decentralized cryptocurrency out there, the guy has been holding courses at MIT about Bitcoin and stated that so many times everyone who would have listened would have got it but no, Gary is evil and that piece of shit shitcoiner CZ is the crypto hero!
~snip~

Unfortunately, most of those who come into contact with cryptocurrencies do not care about anything other than profit, and they do not care what a cryptocurrency is called, who is behind it and whether it has any purpose at all. Therefore, the reactions to this kind of request from the SEC are mostly negative, and people like CZ are becoming even more popular because they actually provide the greatest support to all these nonsensical projects within their platform.


I would never dispute the right of someone to invest their money in whatever they want, but I would ask everyone who does so to sign a statement that they cannot ask for any help from state institutions for any possible loss. If people don't want the state to regulate the wild west when it comes to altcoins, then let them be prepared to bear the consequences of their decisions.

[Wexnident]

~

It's either one, they think altcoins are far more dangerous than Bitcoin (since there's a lot of shitcoins out there) so they allow Bitcoin which has a proven track record, compared to altcoins (they probably couldn't be assed to specify altcoins so they just banned them all), or two, they're trying to take some semblance of control over the crypto market, starting with altcoins. They probably realized they couldn't do anything to Bitcoin (at least for now, since they've already tried tbf), so they targeted altcoins instead.

[stompix]

Gary Gensler has literally said Bitcoin shouldn't exist.

And I assume you have the evidence to back this up, right?

But what I don't get from these guys.. is how do they differentiate Bitcoin from all other altcoins despite all these falling under the umbrella of being cryptocurrencies!!? Very fishy tbh,  more like divide and conquer....

So for you, there is no difference between Bitcoin and Binance coin or shitcoin or memecoin or bitconnect cause they are all cryptos?

And furthermore If I am a true bitcoin maximalist and I :
- despise every other shitcoin in existence
- I go by the "not your keys not your coins" motto so fuck all CEXs
I am someone from the SEC or the evil gubbermint?

Regardless if you're for or against altcoins, the Bitcoin community should be against things like this. The SEC shouldn't give a crap what people want to do with their money; because well, it's THEIR money. The people should have the freedom to shitcoin.

Nobody is stopping you from buying shitcoins ith your money, that's not what the SEC does, and since we're talking about shitcoin simple example

- Nobody is stopping you from selling or buying used panties
- No way in hell would be Walmart allowed to sell used panties or socks
Simple enough? Is someone right infringed with this? No! Just as it's not here since Coinbse is a company that provides services and it's under regulations.

I would never dispute the right of someone to invest their money in whatever they want, but I would ask everyone who does so to sign a statement that they cannot ask for any help from state institutions for any possible loss. If people don't want the state to regulate the wild west when it comes to altcoins, then let them be prepared to bear the consequences of their decisions.

The crypto environment never ceases to amaze me
- everyone should be free to buy any shitcoin they want
- hang all pump and dump scammers
- CEX that are outside US and EU jurisdictions are nice since they are not controlled by the government
- the government should send Navy SEALs team to hunt down those off-shore exchanges that ran away with our money
- never put your money in CEX
- it's my money allow me to lose it how I want but make sure to repay me

[D ltr]

this news is surprising, with this news the value of bitcoin has strengthened, but it is very unfortunate that if this is true, what will happen to other altcoins?
there will be concern for altcoin owners in the end, and even close the possibility that all altcoins will disappear from the crypto world and crypto will not have a story like altcoins accompanying bitcoin to the moon like the previous story

does coinbase not think about the losses that will be obtained if the deletion of attcoin trades later. I wonder why the SEC is always looking for loopholes to eliminate crypto from world financial circulation

[kryptqnick]

I didn't know about that, but it doesn't surprise me at all. I think the SEC is actually very consistent in their position regarding Bitcoin: Bitcoin is not a security, is not backed up by anything, which is why it's not under their authority. But altcoins are often pretty similar to securities, which is why they fall under the SEC oversight. Or at least that's how the SEC sees it, and perhaps now that they're going to court with Coinbase about it, there will be a legal case to determine that. So it makes sense to me that the SEC's problem with Coinbase wasn't about Bitcoin.

[Ucy]

Well, mostly to due current statue of Bitcoin as a True Cryptocurrency, coupled with the influence of its backers. Bitcoin won a war and no longer has any challanger. It didn't win this war by trying to please the regulatory authorities or compromising on its most important principles. It won it by holding strong to the truth and through superior reasoning. People who mindlessly fought Bitcoin either perished, are in jail or suffering one serious issue or the other. So, everyone is a bit careful thesedays.
It's like a weak country trying to fight the USD knowing who is backing it. Now Bitcoin has greater backer who values it more than USD and other fiat currencies.

[tw0.625]

Well, mostly to due current statue of Bitcoin as a True Cryptocurrency, coupled with the influence of its backers. Bitcoin won a war and no longer has any challanger. It didn't win this war by trying to please the regulatory authorities or compromising on its most important principles. It won it by holding strong to the truth and through superior reasoning. People who mindlessly fought Bitcoin either perished, are in jail or suffering one serious issue or the other. So, everyone is a bit careful thesedays.
It's like a weak country trying to fight the USD knowing who is backing it. Now Bitcoin has greater backer who values it more than USD and other fiat currencies.

^^
Amen!

[mvdheuvel1983]

Laughable news. How is this even possible? These people must surely be out of their minds. I am very concerned that each time these folks decide to spew some nonsense it has a potential to affect the market thereby impacting the revenue of some crypto firms. Well, I got news for them both bitcoins and other solid altcoins (of course) are going to keep thriving. It is too late so many people have already bought into it.

[crwth]

At least now it's something that would be considered by others who follow the SEC as more serious and you would be able to support it by buying it. Isn't it something that we all want here? This is definitely good news at least. It can be more in the long term I think.

[tranthidung]

It is amazing how Government already considers Bitcoin totally different than altcoins.

They did but only SEC have been trying to confuse us recent months.

Bitcoin is a commodity and different than altcoins which are considered as securities or have risk to be considered as securities. Bitcoin is a commodity and it has been confirmed many times in the USA. by their government.

Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.

Cryptocurrency communities look at Ethereum and Ripple and see how SEC. can win lawsuits to call those altcoins as securities, not commodity.

Gensler refused and failed to answer Is Ether a commodity or a security? in April 2023. It's a very hard question for Gensler.