Coinbase CEO Reveals SEC’s Instructions to Only Keep Bitcoin

Crypto Exchange Coinbase Told to Delist All Cryptocurrencies Except Bitcoin (BTC)

In a July 31 interview with the Financial Times, Coinbase CEO Brian Armstrong revealed that the U.S. Securities and Exchange Commission (SEC) had asked the crypto exchange to delist all tokens on its platform, with the exception of Bitcoin (BTC). The SEC reportedly stated that it believes “every asset other than Bitcoin is a security.”

When asked how the SEC had come to this conclusion, Armstrong replied: “We said, well how are you coming to that conclusion? Because that’s not our interpretation of the law.”

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Crypto Industry in the US

According to Coinbase CEO Brian Armstrong, the regulator said, “you need to delist every asset other than Bitcoin.” This view is shared by SEC Chair Gary Gensler, who stated in a February New York Magazine interview that “everything other than Bitcoin” is a security. Agreeing to the SEC’s request could’ve set a precedent and “would have essentially meant the end of the crypto industry” in the United States.

The SEC has taken action against Coinbase and Binance, suing both for allegedly operating as unregistered exchanges and naming 13 cryptocurrencies it said Coinbase offered as unregistered securities. This has led to speculation about the future of the AVT crypto, BEST places for crypto, BAT crypto, AXS crypto, BEST crypto sites 2021, BABB crypto, AVALANCHE crypto today, AVAX crypto today, BEST app for crypto, and NFT web 3.0 metaverse industries.

Crypto Industry Oversight in the US

The SEC recently informed the Financial Times that its enforcement division does not issue formal orders for companies to delist crypto assets, though personnel may share their opinion on what actions could be considered violations of securities laws.

In the US, the oversight of the crypto industry is divided between the Commodity Futures Trading Commission (CFTC) and the SEC, both of which have taken regulatory action against crypto industry players.

On July 27, legislation that would mainly assign the CFTC with the jurisdiction over crypto and clarify the role of the SEC in relation to crypto was approved by the House Agricultural Committee after its prior passage through the House Financial Services Committee.

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