Request would have meant ‘the end of the crypto industry in the US’, according to Brian Armstrong
Highlights
- US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange for failing to register as a broker.
- Request is a sign of the SEC’s intent to assert regulatory authority over a broader slice of the market.
- Request would have left the vast majority of the American crypto businesses operating outside the law unless they registered with the SEC.
- The SEC declined to comment on the implications for the rest of the industry of a settlement involving every crypto-trader every one of the more than 200 tokens it offers — with the exception of flagship token bitcoin — but the recommendation indicates that the SEC has pushed for wider authority over the crypto industry.
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