Bad News for Crypto? The SEC Warned Coinbase to Stop all Crypto Trading Except Bitcoin.
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It's no longer news that the SEC is trying everything in its power to control the crypto. First, they filed a lawsuit against Ripple's XRP, naming it a security. Next, they tagged over 10 coins and the two biggest crypto exchanges in another lawsuit.
Just now, Coinbase CEO Brian Armstrong revealed what the U.S. Securities and Exchange Commission told them prior to the lawsuit. According to him, the SEC warned them to stop trading all other crypto except bitcoin.
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He made this known during his interview with Financial Time. He further said, "If Coinbase followed these instructions, that would have sent a wrong message. In such a scenario, most American crypto businesses would have been deemed to be operating outside the law."
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