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• The US Securities and Exchange Commission (SEC) reportedly asked Coinbase to delist all altcoins and only offer Bitcoin.
• Coinbase CEO Brian Armstrong said the SEC’s demands left the company with no choice but to fight it out in court.
• SEC Chair Gary Gensler has previously noted that almost every other cryptocurrency was a security.

SEC Tries To Restrict Coinbase

The US Securities and Exchange Commission (SEC) reportedly asked Coinbase to delist all altcoins and only offer Bitcoin (BTC). Coinbase CEO Brian Armstrong said the SEC’s demands left the company with no choice but to fight it out in court.

SEC Attempts To Limit Crypto In US

When the SEC filed a lawsuit against Coinbase in early June, complaints included the offering of unregistered securities. The Commission named several altcoins listed on Coinbase as unregistered securities, with those singled out being Cardano (ADA), Solana (SOL) and Polygon (MATIC).

Coinbase Fights Back

Armstrong noted that such an action by the SEC could have “ended” crypto in the US. So, rather than comply, Coinbase chose to go to court instead. The Financial Times has quoted the government agency as noting that no such requests have been made by the securities watchdog. Meanwhile, a judge ruled in favour of Ripple Labs earlier this month after its legal battle with SEC over XRP tokens.

Gary Gensler Comments On Crypto Security

SEC Chair Gary Gensler has previously noted that almost every other cryptocurrency was a security. He has reiterated his stance many times since then leaving no doubt about what he thinks of crypto assets today.

Conclusion

Despite regulatory pressure from various agencies like SEC, cryptocurrency exchanges are still doing their best to provide services for users without compromising any laws or regulations set forth by governing bodies.