Coinbase reveals to the Financial Times that the Securities and Exchange Commission (SEC) would have made it understand to de-list everything, except bitcoin.
The SEC at Coinbase: “Bitcoin, not crypto”
The SEC believes that Bitcoin falls into the CFTC’s legal handshake, but the rest of the ” far west “ fall under his thumb. This is what Coinbase CEO Brian Armstrong revealed to FinancialTimes.
The policeman of the US financial markets would have advised him to de-list all cryptocurrencies other than bitcoin:
“They came back to us and said … we think any asset other than bitcoin is a security”said B. Armstrong. “We asked them how they came to that conclusion, because that’s not our interpretation of the law. And they told us: we’re not going to explain it to you, you have to de-list any asset other than bitcoin. »
“The delisting of all assets other than bitcoin […] would have essentially meant the end of the cryptocurrency industry in the United States. So we made the easy choice to go to court to find out.”
Note, however, that the SEC also asked Coinbase to simply register with it. What Coinbase and Binance refuse to do, probably not to kill the goose…
A record would confirm that the vast majority, if not all cryptocurrencies, are not truly decentralized, among other irreconcilable differences with bitcoin.
This would be to admit that well-identified people are pulling the strings after having generally copiously pre-mined their token… This was still the case recently with Worldcoin, 25% of the tokens of which will be donated to insiders.
Furthermore, registration would lead to much stricter compliance standards. Some very juicy practices would then be illegal. In particular the fact of using its own market makers to ultimately trade against its clients…
This is what Gary Gensler says, who no longer minces his words:
Faced with Coinbase and Binance’s refusal to comply, the SEC finally initiated a lawsuit last month for failure to register as a securities broker. Thirteen cryptocurrencies have already been formally identified as securities for which the exchange should have registered.
The Financial Times writes in its article that the SEC’s request to delist all tokens except bitcoin “suggests that the SEC, under Chairman Gary Gensler, is pushing for broader oversight of the cryptocurrency industry.”
Faced with what the exchanges consider to be a legal vacuum, the US Congress will probably have to decide. Several pieces of legislation under consideration could soon resolve the situation.
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