Topic: SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says (Read 502 times)
August 09, 2023, 11:50:54 PM
I am just wondering if Coinbase has already complied with this order from the high and mighty SEC under Gary Gensler, the man obviously on the path to destroy all cryptocurrencies with the exemption of Bitcoin. Personally, this is a big mistake on the part of SEC as it is calling all cryptos a blanket definition and categorization without first looking at each one with cooperative eyes. Surely, Coinbase will not just standby and meekly follow what SEC thinks and we can be seeing a grand battle royale soon or we can see Coinbase starting to pack its things and head on to other lucrative markets abroad.
August 08, 2023, 09:54:49 PM
The bull we will experience in the near future can change many things. For example, there may be states that lead the way for crypto to develop more easily. These states can also change many things in the market.
I think there will be positive innovations in the crypto field. People, companies or governments interested in crypto are questioning the decisions taken by the SEC. I don't think it's right for an institution to affect the crypto world so much. This effect will decrease day by day. I think a lot of different playmakers will emerge with the bull run.
For US citizens, I think things will get even more difficult in terms of crypto. Of course, we do not know what the SEC's moves are aimed at. Because the SEC complicates things. Bitcoin will always go its own way.
I think there will be positive innovations in the crypto field. People, companies or governments interested in crypto are questioning the decisions taken by the SEC. I don't think it's right for an institution to affect the crypto world so much. This effect will decrease day by day. I think a lot of different playmakers will emerge with the bull run.
For US citizens, I think things will get even more difficult in terms of crypto. Of course, we do not know what the SEC's moves are aimed at. Because the SEC complicates things. Bitcoin will always go its own way.
I'd certainly like to see the SEC come to its senses by embracing the revolution with open arms. Not destroy it with senseless regulations. The only way all of this mess can be fixed is if SEC Chairman Gary Gensler is removed from office. US Congress has the power to do this. If they don't remove him now, he might be removed after the 2024 elections. That's if people elect a new administration (most definiely a Republican administration).
One thing for sure is that Coinbase won't give up without a good fight. Whatever the outcome of the lawsuit turns out to be, we can't deny crypto will here to stay thanks to its decentralized and censorship-resistant design. Who knows which other countries will take advantage of the crypto revolution? Just my opinion
August 06, 2023, 01:26:46 PM
All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business
Indeed. What the US regulatory agency is doing is scaring away crypto companies, businesses, and startups alike. There will be a mass exodus from these entities, leaving US citizens empty-handed in the process. Instead of encouraging innovation, the US is stifling it. So much for the "land of the free, and home of the brave".
With how badly things are turning out to be for the crypto industry in the US, it's likely Hong Kong will soon emerge as the world's next crypto hub. I think China (through Hong Kong) will benefit a lot once crypto companies move their operations outside of the US. The clock is ticking for Coinbase, as the SEC continues to exert pressure against the industry. Who knows what the outcome of the lawsuit between Coinbase and the SEC will be in the long run? Just my opinion
The bull we will experience in the near future can change many things. For example, there may be states that lead the way for crypto to develop more easily. These states can also change many things in the market.
I think there will be positive innovations in the crypto field. People, companies or governments interested in crypto are questioning the decisions taken by the SEC. I don't think it's right for an institution to affect the crypto world so much. This effect will decrease day by day. I think a lot of different playmakers will emerge with the bull run.
For US citizens, I think things will get even more difficult in terms of crypto. Of course, we do not know what the SEC's moves are aimed at. Because the SEC complicates things. Bitcoin will always go its own way.
August 06, 2023, 12:55:15 PM
All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business
Indeed. What the US regulatory agency is doing is scaring away crypto companies, businesses, and startups alike. There will be a mass exodus from these entities, leaving US citizens empty-handed in the process. Instead of encouraging innovation, the US is stifling it. So much for the "land of the free, and home of the brave".
With how badly things are turning out to be for the crypto industry in the US, it's likely Hong Kong will soon emerge as the world's next crypto hub. I think China (through Hong Kong) will benefit a lot once crypto companies move their operations outside of the US. The clock is ticking for Coinbase, as the SEC continues to exert pressure against the industry. Who knows what the outcome of the lawsuit between Coinbase and the SEC will be in the long run? Just my opinion
August 06, 2023, 08:48:57 AM
All that SEC decision is really harmful for US market. They will not win against crypto in general but may make life harder for US citizens and business
August 06, 2023, 07:45:45 AM
Man, it truly is a pretty ambitious circulate from the SEC, asking Coinbase to slam the brakes on all cryptos besides bitcoin right earlier than suing them! It's like they are attempting to reveal everyone they suggest business and need to have more manage over the entire crypto scene. This sort of regulatory assertiveness is shaking matters up in the marketplace, and I can't help however surprise how it will play out in the end. It's without a doubt got the crypto community humming and keeping a close eye on what is subsequent.
August 06, 2023, 06:10:04 AM
I agree that altcoins are very centralized but if decentralization or centralization is key for SEC to beat cryptocurrency projects, they did not succeed to use that weapon with Ripple $XRP.
If they can not win against Ripple that is a very classic centralized altcoin, they will not be able to win other big altcoin projects. Big altcoin projects like Ripple will have enough funds for lawsuits, lawyers and they will not easily to give up before a final whistle.
If they can not win against Ripple that is a very classic centralized altcoin, they will not be able to win other big altcoin projects. Big altcoin projects like Ripple will have enough funds for lawsuits, lawyers and they will not easily to give up before a final whistle.
The only reason XRP won against the SEC, it's because the company (Ripple) had a lot of resources at its disposal. It had good lawyers and plenty of money to carry on with this case/lawsuit for years. If it was another centralized coin, I don't think it would have that much success. Both Coinbase and Binance are the biggest crypto exchanges in the world, so they have nothing to lose against the SEC. If they lose the lawsuit, they will simply move to another country outside the jurisdiction of the US. But if they win, they will solidify their position in the country (US).
I'm confident they will win, as there are a lot of crypto supporters against the SEC. There's a lot of money involved, that simply cannot be ignored. With SEC chairman Gary Gensler out of the way, the US-based crypto industry will flourish like never before. Let's see what happens in the long run as we approach the 2024 election. Just my thoughts
August 04, 2023, 07:38:26 AM
The SEC won't succeed because there are powerful forces at play. It's not about Bitcoin, but rather crypto as a whole. There are a lot of investors with money placed on alternative blockchain networks. Crypto exchanges certainly won't give up without a good fight. I'd suggest Coinbase to team up with Binance just to take the SEC down.
SEC are fighting against a whole cryptocurrency industry so their chance to succeed is not too big. I am positive about strength of this industry to fight back so I believe that together we will win against SEC.Coinbase, Binance are not the first and will not be the last centralized exchanges or cryptocurrency projects, companies are hunting by SEC. However they are very first entities to seriously fight back in history.
Quote
I know many altcoins are centralized, but there are a few hidden gems that are really worth our time and attention. I think the SEC doesn't understand the difference between a truly-decentralized cryptocurrency and a centralized one. If it did, it would've only classified centralized coins as securities. Congress did question Mr. Gensler a while back, so let's hope he is removed from office for the good of the crypto industry. Who knows if the US will reemerge as the leader of crypto/Blockchain in the future?
I agree that altcoins are very centralized but if decentralization or centralization is key for SEC to beat cryptocurrency projects, they did not succeed to use that weapon with Ripple $XRP.If they can not win against Ripple that is a very classic centralized altcoin, they will not be able to win other big altcoin projects. Big altcoin projects like Ripple will have enough funds for lawsuits, lawyers and they will not easily to give up before a final whistle.
August 04, 2023, 05:36:28 AM
There's a possibility of taking legal action, and if that is the directive, then I guess they just want to make their job easier when investigations occur. They will surely focus on the investigation of Bitcoin as it's the biggest asset traded on this particular exchange.
For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.
For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.
The SEC won't succeed because there are powerful forces at play. It's not about Bitcoin, but rather crypto as a whole. There are a lot of investors with money placed on alternative blockchain networks. Crypto exchanges certainly won't give up without a good fight. I'd suggest Coinbase to team up with Binance just to take the SEC down.
I know many altcoins are centralized, but there are a few hidden gems that are really worth our time and attention. I think the SEC doesn't understand the difference between a truly-decentralized cryptocurrency and a centralized one. If it did, it would've only classified centralized coins as securities. Congress did question Mr. Gensler a while back, so let's hope he is removed from office for the good of the crypto industry. Who knows if the US will reemerge as the leader of crypto/Blockchain in the future? Just my thoughts
August 03, 2023, 09:43:28 AM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.
So they will treat bitcoin and altcoin differently. This can be good for the bitcoin price but could be a problem for the whole industry. The government let thousands of altcoin project to grow now they wants to impose stricter rules on altcoin. This will obviously slower the growth of altcoins and strict regulation could be the reason for higher taxes and more reporting required for all crypto currencies. I am afraid to say this will causes uncertainty and instability in the bitcoin market as well which will make institutional investors less confident. Regulators are concern about the risk that those altcoin can bring but they should find a fair way to support innovation as well.
August 03, 2023, 09:19:23 AM
There's a possibility of taking legal action, and if that is the directive, then I guess they just want to make their job easier when investigations occur. They will surely focus on the investigation of Bitcoin as it's the biggest asset traded on this particular exchange.
For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.
For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.
August 03, 2023, 07:50:15 AM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.
I think there is strong connection between the news mentioned above and the news published by Forbes and title goes like this:Bitcoin Is Not Crypto, The SEC Confirms
I feel that SEC already the decisions internally and since Bitcoin is no longer considered as the securities due to it's perfect decentralized nature, they are literally not behind the Bitcoin.
On the other hand altcoins are the projects with owners. This mean they are controlled by some entity directly or indirectly and thus giving an opportunity to SEC by considering the Altcoins as one of the Securities.
I think Bitcoin already nailed it with all of it's resistance to the SEC and we seem to be in perfect condition of adopting Bitcoin more strongly.
August 03, 2023, 07:44:39 AM
Altcoins are a big mess, I saw this coming since many platforms are now complete crypto project builder, you don't have to do the hard work anymore, just go to the platform and click few buttons and viola, your new crypto project is ready, the moment I saw this I knew its going to create a lot of mess in crypto space, I know that there were bad projects in 2016 and 2017 but you need to learn how to build a token or maybe hire someone to do it, it was way complicated then but now even a 12 years old can do it, meaning more shit coins will keep showing up, I like what Gensler is doing but I do hope he has no other mission,
I wish shit coins can be gone from crypto space, Builders are now becoming millionaires exciting liquidity on the investors.
There are some set of investors in crypto space that prefer investing in meme shitcoins for quick gain than waiting for years to make some money, they know Polygon, and others but they still prefer Vinu inu and crappy tokens.
I wish shit coins can be gone from crypto space, Builders are now becoming millionaires exciting liquidity on the investors.
There are some set of investors in crypto space that prefer investing in meme shitcoins for quick gain than waiting for years to make some money, they know Polygon, and others but they still prefer Vinu inu and crappy tokens.
The goal you invest in bitcoin is profit, others like to invest shitcoin is also profit. what is the difference while your goals and theirs are the same?
Just because you can't profit from altcoins and you hate it, that doesn't mean others won't be able to profit like you. the cryptocurrency industry needs many elements to form, bitcoin alone cannot make the market today. many people don't even know about bitcoin, they enter the market because of the shitcoin hype, but when they get in and know about bitcoin, they invest in bitcoin.
Altcoins and CEXs are not entirely useless, they contribute greatly to the crypto market to this day, although some of them are scams but not all.
August 03, 2023, 07:00:19 AM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.
In some sense, the SEC has a point. Nearly every cryptocurrency is centralized, which makes them a security in the eyes of the regulating entity. If exchanges only provide trading services for Bitcoin, wouldn't that make the industry more decentralized? It's certainly good news for Bitcoin maximalists. But bad news for the cryptocurrency itself as it will increase on-chain activity. Having a single Blockchain for everything is not scalable.
If the SEC succeeds, all crypto exchanges and/or companies will emigrate from the US. It's likely Hong Kong and Dubai will become the next crypto hubs, leaving the US behind in the dust. Coinbase has a lot of economical power, so let's see if it manages to defeat the SEC in the long run. Who knows what the future holds for the industry in the US? Just my thoughts
August 01, 2023, 05:50:47 PM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
To trade bitcoin, it’s got to go with another currency pair and that be some of the altcoins of which trades is being halt at the time following instructions from SEC.
Another thing to consider is the fact that, though bitcoin would have been given some preferential treatment as the pioneer currency, truly decentralized and what ever reasons that might back up there decision to let trading continue in bitcoin, they as well show some kind of influence on cryptocurrencies through exchanges even though it’s focused on altcoins.
It creates a huge sentiment on both grounds and in some way, it upholds the authority of bitcoin and that’s the good part.
It would not come as a surprise to me. BTC is a leading crypto when others are still struggling to gain preference.
The fact that BTC is more expensive and more durable for investment purpose is a sure reason why the SEC won't halt BTC trading and it is more or less a cryptocurrency which major politicians invest.
August 01, 2023, 05:10:45 PM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
To trade bitcoin, it’s got to go with another currency pair and that be some of the altcoins of which trades is being halt at the time following instructions from SEC.
Another thing to consider is the fact that, though bitcoin would have been given some preferential treatment as the pioneer currency, truly decentralized and what ever reasons that might back up there decision to let trading continue in bitcoin, they as well show some kind of influence on cryptocurrencies through exchanges even though it’s focused on altcoins.
It creates a huge sentiment on both grounds and in some way, it upholds the authority of bitcoin and that’s the good part.
August 01, 2023, 05:03:21 PM
Quote
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.
This is a very interesting interview.
It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?
The reason they excluded Bitcoin from the request is because it's already very clear that BTC won't be effected in terms of liquidity if Coinbase were to halt it. If they wanted to test liquidity and volume effect by halting altcoin trading on CB, this would be a good way to see the effect......
Or they just wanted to buy their own dip
Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.
It already is legally different - it's decentralized. It doesn't matter how the law clarifies it in any country, the Bitcoin network will still operate no matter. Since the world is do divided, I don't believe there will ever be a global ban on Bitcoin. Even then, it would survive.
August 01, 2023, 04:19:52 PM
Regardless if you're for or against altcoins, the Bitcoin community should be against things like this. The SEC shouldn't give a crap what people want to do with their money; because well, it's THEIR money. The people should have the freedom to shitcoin.
In some situations I would agree with you in this topic, but not entirely now.
Although people are free to do whatever they want with their money, "A person’s freedom ends where another man’s freedom begins."
Some of those shitcoin are just ponzi schemes. They are created by criminals, people who are just trying to get people' money with fake pump and dump schemes.
Those schemes are illegal in almost every country for a reason.
I am not saying every altcoin is a pump & dump. I have and I had some good altcoins, such as ethereum and chainlink and some stablecoins.
Honestly, I think all cryptocurrency experience pump-and-dump schemes even Bitcoin experienced that in its earlier days and on recent times on some occasions. What separate the two is that Bitcoin is not intentionally created for such a scheme but most altcoins were created to be a pump-and-dump scheme in order for the developer of these p&d altcoins milk money from unsuspecting investors and they rinse and repeat such tactics creating a new set of shitcoins.
Just outright stupid. They are basically asking the industry to halt its operations and keep bitcoin because it's the only cryptocurrency that the 1 percenter can penetrate in and not be noticed, and since it's the top dog in the industry basically controlling the price of bitcoin means you control the whole industry. Which is what they are trying to do here, as what they tried to do with the dollar which they succeeded. So in this battle against capitalism trying to gain yet another badge into their boy scout uniform these cryptocurrency companies should be our allies in ensuring that these outside markets don't meddle too much with the economy inside this industry, lest we risk losing yet another priceless commodity to the rich.
I believe it is just a request and there is no court order for Coinbase to stop trading altcoin. So Coinbase can still proceed with their normal activities but if there is a court order then it is a different thing I think that they will give ample time for Coinbase to adjust if that is the case.
August 01, 2023, 04:10:30 PM
This was a bit of a surprising move to me. I thought the SEC was in the pockets of large investment funds, which gave me the belief that when something like this happened, it wouldn't just be Bitcoin but would also be Ethereum that was allowed due to the massive amount of insiders that are holders.
For years Bitcoiners have been telling Coinbase to be Bitcoin only and stop the grifting altcoin nonsense. It's sort of funny that it's the SEC that stepped up and made it happen. This is one of those real life is wilder than fiction moments. Good luck to Coinbase in their coming legal fight. At least we now know why insiders and Cathie Wood suddenly started selling Coinbase. Insider trading in public right before our eyes. Guess how many will be punished?
For years Bitcoiners have been telling Coinbase to be Bitcoin only and stop the grifting altcoin nonsense. It's sort of funny that it's the SEC that stepped up and made it happen. This is one of those real life is wilder than fiction moments. Good luck to Coinbase in their coming legal fight. At least we now know why insiders and Cathie Wood suddenly started selling Coinbase. Insider trading in public right before our eyes. Guess how many will be punished?
August 01, 2023, 04:07:01 PM
lol I don't need to search for it! I've already seen it.
Were they still there when you woke up?
All I did was state Gensler's publicly stated opinions, thing he has been very clear on during his entire time at the SEC. And yet to you he is apparently a hero so much that you attack me for pointing out what he has said.
All you did was present your dreams and delusions as facts while calling others delusional.
But just don't get so angry when someone like me comes along and literally just states the facts.
What facts? Do you call your gibberish conspiracies farts facts? And you still talk about putting people on a pedestal when the first thing that needs to go down from one is your ego?
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