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

[DVlog]

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.

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?

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.

So they will treat bitcoin and altcoin differently. This can be good for the bitcoin price but could be a problem for the whole industry. The government let thousands of altcoin project to grow now they wants to impose stricter rules on altcoin. This will obviously slower the growth of altcoins and strict regulation could be the reason for higher taxes and more reporting required for all crypto currencies. I am afraid to say this will causes uncertainty and instability in the bitcoin market as well which will make institutional investors less confident. Regulators are concern about the risk that those altcoin can bring but they should find a fair way to support innovation as well.

[Abiky]

There's a possibility of taking legal action, and if that is the directive, then I guess they just want to make their job easier when investigations occur. They will surely focus on the investigation of Bitcoin as it's the biggest asset traded on this particular exchange.

For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.

The SEC won't succeed because there are powerful forces at play. It's not about Bitcoin, but rather crypto as a whole. There are a lot of investors with money placed on alternative blockchain networks. Crypto exchanges certainly won't give up without a good fight. I'd suggest Coinbase to team up with Binance just to take the SEC down.

I know many altcoins are centralized, but there are a few hidden gems that are really worth our time and attention. I think the SEC doesn't understand the difference between a truly-decentralized cryptocurrency and a centralized one. If it did, it would've only classified centralized coins as securities. Congress did question Mr. Gensler a while back, so let's hope he is removed from office for the good of the crypto industry. Who knows if the US will reemerge as the leader of crypto/Blockchain in the future? Just my thoughts

[tbct_mt2]

The SEC won't succeed because there are powerful forces at play. It's not about Bitcoin, but rather crypto as a whole. There are a lot of investors with money placed on alternative blockchain networks. Crypto exchanges certainly won't give up without a good fight. I'd suggest Coinbase to team up with Binance just to take the SEC down.

SEC are fighting against a whole cryptocurrency industry so their chance to succeed is not too big. I am positive about strength of this industry to fight back so I believe that together we will win against SEC.

Coinbase, Binance are not the first and will not be the last centralized exchanges or cryptocurrency projects, companies are hunting by SEC. However they are very first entities to seriously fight back in history.

I know many altcoins are centralized, but there are a few hidden gems that are really worth our time and attention. I think the SEC doesn't understand the difference between a truly-decentralized cryptocurrency and a centralized one. If it did, it would've only classified centralized coins as securities. Congress did question Mr. Gensler a while back, so let's hope he is removed from office for the good of the crypto industry. Who knows if the US will reemerge as the leader of crypto/Blockchain in the future?

I agree that altcoins are very centralized but if decentralization or centralization is key for SEC to beat cryptocurrency projects, they did not succeed to use that weapon with Ripple $XRP.

If they can not win against Ripple that is a very classic centralized altcoin, they will not be able to win other big altcoin projects. Big altcoin projects like Ripple will have enough funds for lawsuits, lawyers and they will not easily to give up before a final whistle.

[Abiky]

I agree that altcoins are very centralized but if decentralization or centralization is key for SEC to beat cryptocurrency projects, they did not succeed to use that weapon with Ripple $XRP.

If they can not win against Ripple that is a very classic centralized altcoin, they will not be able to win other big altcoin projects. Big altcoin projects like Ripple will have enough funds for lawsuits, lawyers and they will not easily to give up before a final whistle.

The only reason XRP won against the SEC, it's because the company (Ripple) had a lot of resources at its disposal. It had good lawyers and plenty of money to carry on with this case/lawsuit for years. If it was another centralized coin, I don't think it would have that much success. Both Coinbase and Binance are the biggest crypto exchanges in the world, so they have nothing to lose against the SEC. If they lose the lawsuit, they will simply move to another country outside the jurisdiction of the US. But if they win, they will solidify their position in the country (US).

I'm confident they will win, as there are a lot of crypto supporters against the SEC. There's a lot of money involved, that simply cannot be ignored. With SEC chairman Gary Gensler out of the way, the US-based crypto industry will flourish like never before. Let's see what happens in the long run as we approach the 2024 election. Just my thoughts

[ImThour]

Man, it truly is a pretty ambitious circulate from the SEC, asking Coinbase to slam the brakes on all cryptos besides bitcoin right earlier than suing them! It's like they are attempting to reveal everyone they suggest business and need to have more manage over the entire crypto scene. This sort of regulatory assertiveness is shaking matters up in the marketplace, and I can't help however surprise how it will play out in the end. It's without a doubt got the crypto community humming and keeping a close eye on what is subsequent.

[leeboy]

All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business

[Abiky]

All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business

Indeed. What the US regulatory agency is doing is scaring away crypto companies, businesses, and startups alike. There will be a mass exodus from these entities, leaving US citizens empty-handed in the process. Instead of encouraging innovation, the US is stifling it. So much for the "land of the free, and home of the brave".

With how badly things are turning out to be for the crypto industry in the US, it's likely Hong Kong will soon emerge as the world's next crypto hub. I think China (through Hong Kong) will benefit a lot once crypto companies move their operations outside of the US. The clock is ticking for Coinbase, as the SEC continues to exert pressure against the industry. Who knows what the outcome of the lawsuit between Coinbase and the SEC will be in the long run? Just my opinion

[flyingcarpet]

All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business

Indeed. What the US regulatory agency is doing is scaring away crypto companies, businesses, and startups alike. There will be a mass exodus from these entities, leaving US citizens empty-handed in the process. Instead of encouraging innovation, the US is stifling it. So much for the "land of the free, and home of the brave".

With how badly things are turning out to be for the crypto industry in the US, it's likely Hong Kong will soon emerge as the world's next crypto hub. I think China (through Hong Kong) will benefit a lot once crypto companies move their operations outside of the US. The clock is ticking for Coinbase, as the SEC continues to exert pressure against the industry. Who knows what the outcome of the lawsuit between Coinbase and the SEC will be in the long run? Just my opinion

The bull we will experience in the near future can change many things. For example, there may be states that lead the way for crypto to develop more easily. These states can also change many things in the market.

I think there will be positive innovations in the crypto field. People, companies or governments interested in crypto are questioning the decisions taken by the SEC. I don't think it's right for an institution to affect the crypto world so much. This effect will decrease day by day. I think a lot of different playmakers will emerge with the bull run.

For US citizens, I think things will get even more difficult in terms of crypto. Of course, we do not know what the SEC's moves are aimed at. Because the SEC complicates things. Bitcoin will always go its own way.

[Abiky]

The bull we will experience in the near future can change many things. For example, there may be states that lead the way for crypto to develop more easily. These states can also change many things in the market.

I think there will be positive innovations in the crypto field. People, companies or governments interested in crypto are questioning the decisions taken by the SEC. I don't think it's right for an institution to affect the crypto world so much. This effect will decrease day by day. I think a lot of different playmakers will emerge with the bull run.

For US citizens, I think things will get even more difficult in terms of crypto. Of course, we do not know what the SEC's moves are aimed at. Because the SEC complicates things. Bitcoin will always go its own way.

I'd certainly like to see the SEC come to its senses by embracing the revolution with open arms. Not destroy it with senseless regulations. The only way all of this mess can be fixed is if SEC Chairman Gary Gensler is removed from office. US Congress has the power to do this. If they don't remove him now, he might be removed after the 2024 elections. That's if people elect a new administration (most definiely a Republican administration).

One thing for sure is that Coinbase won't give up without a good fight. Whatever the outcome of the lawsuit turns out to be, we can't deny crypto will here to stay thanks to its decentralized and censorship-resistant design. Who knows which other countries will take advantage of the crypto revolution? Just my opinion

[DapanasFruit]

I am just wondering if Coinbase has already complied with this order from the high and mighty SEC under Gary Gensler, the man obviously on the path to destroy all cryptocurrencies with the exemption of Bitcoin. Personally, this is a big mistake on the part of SEC as it is calling all cryptos a blanket definition and categorization without first looking at each one with cooperative eyes. Surely, Coinbase will not just standby and meekly follow what SEC thinks and we can be seeing a grand battle royale soon or we can see Coinbase starting to pack its things and head on to other lucrative markets abroad.