Topic: SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says - page 3. (Read 502 times)

There is no bad when Coinbase wanted to do that but as we know, they are gonna lose huge amounts of money as well because the SEC won't cover the possible incomes that the Coinbase gets from altcoins trading in their exchanges. We all know when SEC gives their verdict on something, it is because they are seeing some gain in the future about it. Therefore, Coinbase should consider not following the SEC because there will be no turning back if they do so and they will gonna be overcome by their competitors because of this kind of limitations that they have.

Full support for Bitcoin as altcoins are mostly useless projects.
The US Securities and Exchange Commission's request for Coinbase to stop trading activity other than Bitcoin was appropriate, but they seemed to be playing a drama though I responded positively to their request.

Hopefully it will materialize slowly.

Like in my country where Bitcoin is a commodity asset and not a means of payment. As an individual who continues to support Bitcoin I feel very lucky when the government does not prohibit us from dealing with crypto even as a commodity asset but they finally launch a crypto exchange under their control^[1]. For an increase in the price of Bitcoin, it may not have an effect on the launch of this crypto exchange because in essence the increase and decrease in prices occurs due to issues and global impacts that occur.

SEC chairman want to keep his job at all cost, I remember he used to support Cardano, but now he wants to force Coinbase to delist all altcoins? That's impossible, I think it's time for Brian to go to court and stop solving this nonsense out with money, most altcoins are trash projects but some are better than Bitcoin when looking at their utilities, I am all in on Bitcoin but that doesn't mean that all altcoins are a scam, SEC will end up messing themselves up, it's a matter of time, I can bet it with anyone, their problem will start when the present President leaves that throne, SEC should start going after scammers not fighting the whole crypto market, this is a wrong approach, and this makes me think that they have double intentions, pretending to fight for people on one hand and benefitting themselves on the other.

Most ( if not all) Bitcoiners, like me, should  appreciate  SEC decision. I think those shitaltcoins are nothing more then the recipe designed to strip folk of their BTC. Besides of that altcoins are used very often to fool people. One day ago I  was hit by " fake stake-XLM-scam"  that cost me around $3500. Now I'm a hard bitcoiner. No shitaltcoins  in my stash.

XRP is an altcoin whereas Ripple previously won a lawsuit against Sec in court. So Coinbase had to go back to delisting XRP on their exchange after having re-listed it in the previous two weeks. This is the latest Joke made by Sec on their opinion against Coinbase to remove all altcoins except Bitcoin on their exchange.

I think it will be quite opposed by many crypto community be it Ethereum community or XRP Community because these two Coins have big investors in them. I think this request will not be won by Sec or Coinbase will ignore it. The SEC always make the situation more complicated with their judgments or appeals.  people can take risks to their finances and freedom is what they want.

That's a good point; but I think while people should definitely be able to buy/sell whatever they want, but the scammers should go straight to jail. Coinbase only having BTC will remove both the scams and the legitimate altcoins.

True be told, aren't almost altcoins shitcoin? See what a token called BALD running on Base blockchain (Coinbase very own blockchain) did to their investor? They rug pulled and SEC was aware of the disaster.

They are now hunting Richard Heart of Hex and Pulsechain owner too, he has been charges of unregistered securities offerings and millions of people are happy about it, I knew Hex was a scam and why did it took the SEC this long to go after real scams anyway?

How ironic that the actions of this organization, whether good or bad, are justified as having a double intention, that is the reputation that they have earned for those who do not trust their decisions, as is the case in my case, for the majority, what do the SEC bring about another deadlock (so to speak) for cryptocurrencies in general including bitcoin or another point in their favor, with the purpose of gaining something in return…your question about:


It seems interesting to me, if I think a little about how they deduced this distinction, I would be inclined towards the possibility that they determined this difference due to the fact that first the altcoins maintain function protocols that btc does not have, the development of these cryptocurrencies in As for the blokchain chain, it is much larger than the original bitcoin, and one aspect that for me is the most evident is whether the purpose for which altcoins were created, on a page that talks about cryptocurrencies derived from btc, is It exposes how these work and what they were created for, but there is a point of everything they describe there that is what could determine that decisión


Source: https://bitpay.com/blog/guide-to-altcoins/

Bitcoin does not work this way because its only support derives from its own technological algorithm.

I believe that this could be the reason that led them to classify it as different.

A few of the posters here seem to not understand the situation and seem to think this is the SEC supporting Bitcoin or even has something to do with SEC planning to accept a Bitcoin ETF.


lol. That is not the case!


Gary Gensler (and hence the SEC) is very anti-Bitcoin. Gary Gensler has literally said Bitcoin shouldn't exist. If it were up to Gensler, Bitcoin and all the rest of cryptocurrencies would cease to exist and the exchanges would all close down and the entire industry would disappear and the entire idea of cryptocurrency and Bitcoin would disappear from history.

If you're somehow reading this as the SEC supporting Bitcoin you are entirely missing what is going on.

The only reason the SEC didn't ask Coinbase to also shut down Bitcoin trading is because there is zero basis whatsoever for the SEC to ever make a claim that Bitcoin is a security or that they have any claim over Bitcoin. Just about every other cryptocurrency they can at least make the claim that its a security. Most cryptocurrencies are tokens created by companies who run an app or network and one of the main goals of that token is to fund the company's operations in support of the app or network (as well as of course make the founders rich). Now, I think cryptocurrencies should be regulated with their own custom made rules, rather than try to apply 1930s rules to something that was invented 80 years later, but at least in their own rigid controlling mindset the SEC can at least attempt to make the bad case that altcoins are securities. There however is no case to be made that Bitcoin is a security because it has from day 1 been created as a decentralized currency, not as a company product and fundraising tool.

So the SEC leaving out Bitcoin has absolutely nothing to do with them supporting Bitcoin. The SEC (specifically Gensler) wants to shut the entire Bitcoin and crypto industry down. He hates Bitcoin and crypto, he doesn't want it to exist. But he at least knows he has no legal pathway to go after Bitcoin itself, so he is doing the next best thing to attack Bitcoin and crypto, which is to try to shutdown and vilify/criminalize the exchanges that Bitcoin and the entire crypto industry rely on. The only thing Gensler can specifically do against Bitcoin is to continue to refuse to accept any Bitcoin ETFs, which will obviously continue for as long as Gensler is in charge.





Anyway, its insane that the SEC told Coinbase to stop trading all altcoins. Gensler is so far past the point of integrity I think all these overreaches by the SEC will not go unnoticed and there will be a strong congressional backlash against the SEC eventually since they are essentially acting as a corrupt govt body against Bitcoin and Crypto at this point, all due to one man's personal vendetta against Bitcoin and Crypto.

I'm not sure we should be rejoicing over the statement made by Coinbase about its case with the SEC. Historically, The government has never been a fan of Bitcoin and the fact that they only show an ounce of support is nothing to write home about. I have checked the replies and it looks like many people are really hoping for the government to accept Bitcoin formally, but that's not what we really want. The government is only going to fully accept Bitcoin if they find a way to gain control of some sort. Otherwise, Nada.

It might be good for a small price upswing but zero wins for the technology or adoption.

It would be alarming if Coinbase had to halt all other altcoin trading. It's true that the SEC or anyone can't stop Bitcoin anyway; hence, they are asking to keep Bitcoin trading live while they want to halt trading for other coins. It's nothing new that Bitcoin is always different from altcoins, but we are tired of the SEC drama. They allow businesses to start and grow, and then ask them to halt. This is a threat to the overall crypto industry.

Banning everything else and leaving one guy out of the group absolved isn't gonna do anything for the whole industry. They keep leaving bitcoin out and explicitly stating that bitcoin is a security even though at most it's a speculative asset and they are out for blood on what they consider as speculatives. It's just stupid and what they are really trying to do is profiteer from this venture by opening the market for large-scale infrastructures to buy bitcoins and control the cryptocurrency market altogether. Ask yourself why they are trying to kill altcoins which are generally more buyable and accessible than buying one whole bitcoin now. And why they are doing this at the cusp of a large halving which could very well propel the whole industry to another bull run.

As bad as this sounds, this is good for Bitcoin if they will really put pressure on exchanges to halt trading of altcoins. Btw this is a short term benefit which could see all money poring in from altcoins into Bitcoin and pushing its price up!

But what I don't get from these guys.. is how do they differentiate Bitcoin from all other altcoins despite all these falling under the umbrella of being cryptocurrencies!!? Very fishy tbh,  more like divide and conquer....they choose to single out the loudest and once the small coins die then they will come for the big fish 🐟 🤔.  If they want to halt trading on our exchanges let all coins go through  the same treatment without  their current approach, just my 2cents.

If Coinbase heed the request of SEC then we might see the altcoin market possibly going down while this will give a huge boost on the Bitcoin market since the capitalization of the altcoin market might transfer to Bitcoin market creating huge demand pressure skyrocketing the price of BTC.  It is a Domino effect and once executed, FUD on the altcoin market may spread while the Bitcoin market may experience a hyping event.


Yeah, this is also what I am thinking when I read the title.

I'd say that the SEC wanted to show that it's doing something about cryptocurrencies. Since the SBF case we've witnessed the SEC being attack from both sides of the political scene. Crypto critics were criticizing Gensler for meeting with SBF and not smelling anything fishy, while supporters were asking why it is that after so many years we still rely on laws that were never designed with cryptocurrencies in mind. On one hand the SEC rules are vague, on the other it didn't even enforce them on those who really needed to be put in their place, like SBF. That's why the SEC is so eager to show that something is being done and that something is an attack on altcoins that passed the Howey test.

In Coinbase's defense, they asked the SEC to clarify and they asked Gensler to meet with them, so they are now being punished for lack of regulatory guidelines.

This is indeed a very impressive news and development to see the government have towards bitcoin in making differentiation from other cryptocurrencies, if we look at it from the start, bitcoin is the only cryptocurrency that has been legally accepted by people as a digital cryptocurrency for making payments and not together with other cryptocurrencies, this alone has alot to talk about because there are many shitcoins in cryptocurrency and we cannot completely decern the good from the bad except to single out bitcoin which is the only digital currency that cannot turn scam, we look forward to seing more steps and actions from government towards adoption of bitcoin as a digital currency they will all support for adoption as a legal tender sooner.

Thats an intriguing analysis of what the SEC's action against Coinbase means. However, bear in mind that the landscape of regulation is still in its infancy and is subject to rapid change. What if Bitcoin's success is owed less to its quality than to the fact that it was the first digital currency?

Lets be honest, numerous alternative cryptocurrencies give superior features to Bitcoin. Smart contracts on Ethereum and oracles on Chainlink are just two examples of how blockchain technology is changing industries outside finance.

It may be wishful thinking to assume that Bitcoin's substantial price increase will be the result of its legal difference. What if this categorization results in more stringent standards for Bitcoin while the alternative cryptocurrencies thrive under less stringent rules?

Gary Gensler sued centralised exchanges like Binance and Coinbase. The SEC sued them for the trading activities of tokens declared as securities, and Gary then Declared that BTC is not a security, even back in time around 2018 or 2019. This indicates Gary's interest in and devotion to BTC. But still, he has pressure on his head, so he might change the statements, but such acts as these are expressing his love for BTC.

I doubt he would have bought some. Other than Gary, This is good news for the whole crypto market, but I am not seeing any impact from it. As all eyes are on ETFs right now. Even those who are speculating on ETFs don't know the result date.

I mean, if they knew about dates, they might not remain that optimistic about ETFs. One thing still confuses me: Coinbase and Binance were both sued for illegal trading of securities that were not registered with the SEC, so the SEC sued them. But why did the SEC allow Coinbase to stay while kicking Binance out of the league? I mean, does Binance not deserve such a chance, or am I the one missing some pieces to this puzzle?

I am just being a little careful that's why i am trying to look it from different angles. It's not that i hate USA or anything at all. But in past such conspiracy theories like manipulation etc. seems to be proven by many analysists. Where a fud was created to lure people into buying and then selling. I am just having a open mind here nothin less and nothing more.

I read the news but to be honest I couldn't understand what was the reason for the SEC to have asked that to Coinbase, prior to taking legal actions against them. First of all I don't know what was the legal action the SEC took. And then, was it because the tokens were considered "securities" that Coinbase was falling under regulatory problems?