'SEC Asked Coinbase To Halt Trading In Everything Except Bitcoin, CEO Says' - Financial Times
Portfolio Pulse from Happy Mohamed
The US Securities and Exchange Commission (SEC) asked Coinbase to halt trading in all cryptocurrencies except Bitcoin before suing the exchange for failing to register as a broker. The SEC identified 13 cryptocurrencies on Coinbase's platform as securities. Coinbase CEO Brian Armstrong said that complying with the SEC's request would have meant the end of the crypto industry in the US. The SEC and the Commodity Futures Trading Commission are currently debating whether all or any crypto tokens should fall under their purview.
July 31, 2023 | 5:12 am
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NEGATIVE IMPACT
The SEC's legal action and request to halt trading in all cryptocurrencies except Bitcoin could negatively impact Coinbase's business and stock price in the short term.
The SEC's legal action and request could limit Coinbase's operations and reduce its revenue, which could negatively impact its stock price.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The SEC's request to Coinbase to halt trading in all cryptocurrencies except Bitcoin could negatively impact the demand and price of Ethereum in the short term.
As the SEC is pushing for Bitcoin to be the only cryptocurrency traded on Coinbase, this could potentially decrease the demand for Ethereum, leading to a drop in its price.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SEC's request to Coinbase to halt trading in all cryptocurrencies except Bitcoin could potentially increase the demand and price of Bitcoin in the short term.
As the SEC is pushing for Bitcoin to be the only cryptocurrency traded on Coinbase, this could potentially increase the demand for Bitcoin, leading to a rise in its price.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100