Brian Armstrong said the securities regulator had asked it to halt trading of all tokens but bitcoin before suing the exchange last month.
Coinbase — which offers over 200 tokens on its platform — was sued by the SEC early last month for allegedly violating securities laws and facilitating unregistered trading in 12 digital tokens that were deemed securities.
“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong told the Financial Times. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”was applying securities laws to certain digital tokens in ways that significantly deviate from existing legal frameworks.
"In other words, Coinbase adopted the very legal framework as a basis for making listing decisions that it now claims has no applicability to its activities," they added.Binance, the world’s largest crypto exchange, and its founder Changpeng Zhao over several alleged violations of the country's securities laws.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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