Coinbase CEO Reveals A Stark Warning That Could Hit Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Polygon, Tron And Litecoin
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The bitcoin price has traded sideways since early April despite Wall Street giants signaling they’re poised to move into the market and XRP developer Ripple claiming a major win over the U.S. Securities and Exchange Commission (SEC).
Now, the chief executive of crypto exchange Coinbase, Brian Armstrong, has revealed the U.S. came dangerously close to crypto Armageddon when the SEC told it to halt trading on all cryptocurrencies except for bitcoin—something that would have likely tanked the price of ethereum, BNB, XRP, cardano, dogecoin, solana, polygon, tron and litecoin.
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Coinbase chief executive Brian Armstrong has said the U.S Securities and Exchange Commission (SEC) … [+]
“They came back to us, and they said … we believe every asset other than bitcoin is a security,” Armstrong told the Financial Times. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”
SEC chair Gary Gensler has repeatedly said he considers almost all cryptocurrencies to be securities and has pursued crypto companies with enforcement action.
The SEC sued Coinbase in June, accusing it of operating illegally because it failed to register as a securities exchange and of listing at least 13 cryptocurrencies that it branded unregistered securities, including major coins solana, cardano and polygon. Coinbase currently lists just over 260 cryptocurrencies on its platform as “tradeable” assets.
“We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the U.S.,” Armstrong told the FT. “It kind of made it an easy choice . . . let’s go to court and find out what the court says.”
Following the publication of the comments, a Coinbase spokesperson said “important context regarding our conversations with the SEC” had been omitted, while the SEC its staff “does not ask companies to delist crypto assets.”
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The bitcoin price has rebounded so far this year but remains far below its late 2021 peak of almost … [+]
Meanwhile, the 2023 bitcoin, ethereum, XRP and crypto price rally has stalled after strong start to the year.
Bitcoin and crypto prices have been “trending downwards over several weeks now as volumes look tight and markets hesitant over direction of travel,” Simon Peters, a market analyst at trading platform eToro, said in emailed comments. “With no strong driving narrative in place crypto-assets such as bitcoin could be set to persist in the doldrums below $30,000 as summer progresses.”