SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says - page 4.

bitmover

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Quote from: mk4 on July 31, 2023, 01:07:58 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.

mk4

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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.

goldkingcoiner

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Quote from: bitmover on July 31, 2023, 12:12:12 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.

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.

There is no way in hell that the SEC has decided to screw over centralized exchanges. Oh happy day.

Although they are overstepping their boundaries and I doubt that they can demand Coinbase cease all its altcoin trading activities. What could their argument be for every cryptocurrency besides Bitcoin to be a security? That makes absolutely no sense whatsoever. Did they even mention their logical reasoning for this or is this another random outburst towards cryptocurrency which ultimately ends up a big nothing burger?

Either way, Good news for Bitcoin and for decentralization adoption efforts worldwide.

Although the whole thing seems orchestrated to me...

virasog

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Quote from: avikz on July 31, 2023, 12:35:40 PM

Coinbase is a stock market listed company so such kind of steps by SEC is very concerning.

Also, keep in mind that Black Rock has applied for Bitcoin ETF and they have asked Coinbase Custody to be their custodial solution.
The sec statement to halt trading of all altcoins but to keep bitcoin is maybe in connection with the probable approval of the Black Rock bitcoin ETF.

I do hope that SEC does not impose any undue restrictions as the decision of the SEC will play a great part in determining the future of the BTC in the short run. In the long term, even Coinbase Anit-bitcoin acts won't be able to suppress BitcoinBTC.

stompix

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Quote from: bitmover on July 31, 2023, 12:12:12 PM

It is amazing how Government already considers Bitcoin totally different than altcoins.

Surprising?

I've been telling people for months that Gary Gensler has told numerous times that Bitcoin is the only true decentralized cryptocurrency out there, the guy has been holding courses at MIT about Bitcoin and stated that so many times everyone who would have listened would have got it but no, Gary is evil and that piece of shit shitcoiner CZ is the crypto hero!

F***, that guy spent more time teaching about Bitcoin than some shitposter and their whole alt farms did while spamming the forum but...
https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/video_galleries/video-lectures/

Quote from: Faisal2202 on July 31, 2023, 12:26:41 PM

US governments used to play games and this is just a part of there game. All they are doing is, placed one group around one corner to talk bad about BTC and another group in another corner to support BTC. And they are getting benefit from BTC as one group and filling there pockets equally.

Stick your tinfoil hat where it belongs, those things are really just yesterday's conspiracy material!

Quote from: avikz on July 31, 2023, 12:35:40 PM

Lol! US government is slowly showing their true colours.

Yes, because that's what Satoshi wanted, centralized exchanges that hold your coins captive and manipulate the market and a flood of shitcoins doing pump and dump schemes. that was his vision!
And the evil gubbermint is trying to destroy this magnificent dream!

EarnOnVictor

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I read this on the Binance app but hardly believed it. Sad

That's interesting, and the only reason that could have made SEC come out with such a conclusion might be the inner digging where altcoins must have been implicated. They have better tools and internal mechanisms than what we see and altcoins might have entirely been Scam/Unfair entities in the name of the scalability and advancement.

I read the news about 10 hours ago but has not helped Bitcoin rise but it rather sells.

avikz

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Lol! US government is slowly showing their true colours. They have been always very sceptical about cryptocurrency but allowed the businesses to grow. Now when it is becoming bigger and bigger, they are targeting the exchanges to stop the spread.

Coinbase is a stock market listed company so such kind of steps by SEC is very concerning.

komisariatku

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Wow, this is quite surprising. However, it appears that the request for deletion of altcoin assets is not a formal request from the SEC. This is getting interesting, let's see how Coinbase officially responds to this

Maybe bitcoin is considered by the SEC to have undoubted value so they recommend bitcoin trading. This shows that the SEC is on board with bitcoin and the value of bitcoin is so strong there is no doubt about it. Bitcoin is a commodity that has a high value, I think that is undeniable and the SEC justifies this with their statement, because they reject altcoin trading in favor of bitcoin

Faisal2202

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Quote from: bitmover on July 31, 2023, 12:12:12 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.

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.

US governments used to play games and this is just a part of there game. All they are doing is, placed one group around one corner to talk bad about BTC and another group in another corner to support BTC. And they are getting benefit from BTC as one group and filling there pockets equally. In simple, words they wanted to manipulate market and this is just in front of our eyes. Because first they made a group to go against crypto which makes BTC to bleed along with its investors.

And now, just after making BTC bleed, they have started to promote it like it's there own initiation. This is just all game and many people have already understood that. So, such news might not create hype in the market which could make other people to take entry into BTC who still hadn't took one.

bitmover

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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.

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.

Topic: SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says - page 4. (Read 502 times)