Before suing Coinbase, SEC asked to trade only bitcoin

31.07.2023

The U.S. Securities and Exchange Commission (SEC) asked Coinbase to stop trading all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June.

The SEC accused Coinbase of illegal activity because it failed to register as an exchange. It also alleged that Coinbase traded at least 13 cryptoassets that are securities and should have been registered, including tokens such as Solana, Cardano and Polygon.

The SEC told the FT that its enforcement division has not made formal requests “to companies to delist cryptoassets.”

The regulator sued Binance in June, with both civil cases being part of the SEC chairman’s efforts to establish jurisdiction over the crypto industry.

Gensler has called the crypto industry a “Wild West” that undermines investor confidence in U.S. capital markets. Before suing Coinbase, the SEC asked it to trade only bitcoin -FT