SEC Reportedly Wanted Coinbase To Delist Everything Except Bitcoin
Portfolio Pulse from Mehab Qureshi
The Securities and Exchange Commission (SEC) reportedly instructed Coinbase (NASDAQ:COIN) to halt trading on all cryptocurrencies except Bitcoin (CRYPTO: BTC). The SEC identified 13 tokens as securities and recommended delisting over 200 tokens offered by the exchange. Coinbase CEO, Brian Armstrong, disagreed with the SEC’s classification and decided to contest the SEC’s demand in court.
July 31, 2023 | 6:31 am
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NEGATIVE IMPACT
Coinbase has been instructed by the SEC to halt trading on all cryptocurrencies except Bitcoin. The company disagrees with the SEC's classification and plans to contest the demand in court.
The SEC's instruction to halt trading on all cryptocurrencies except Bitcoin could negatively impact Coinbase's business model and revenue, as it offers trading on a wide range of cryptocurrencies. The company's decision to contest the demand in court could lead to legal uncertainties and potential costs.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bitcoin is the only cryptocurrency that the SEC has not instructed Coinbase to halt trading on.
The SEC's instruction does not directly impact Bitcoin as it is the only cryptocurrency that Coinbase has not been instructed to halt trading on. However, the overall regulatory scrutiny on cryptocurrencies could create uncertainties in the market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
Ethereum was not included in the SEC’s case against Coinbase, nor did it feature in the list of “crypto asset securities” outlined in the SEC’s lawsuit against Binance.
Ethereum is not directly impacted by the SEC's instruction to Coinbase as it was not included in the SEC’s case against Coinbase or in the list of “crypto asset securities”. However, the overall regulatory scrutiny on cryptocurrencies could create uncertainties in the market.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50