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

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.

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

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.

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

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

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.

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

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.

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.

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

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.

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.

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.

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.

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

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.

It’s indeed interesting but I tend to view it from a different perspective as,
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.

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


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.

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.


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.

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?

Were they still there when you woke up?


All you did was present your dreams and delusions as facts while calling others delusional.


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?

lol 5 years ago. Everyone knows he taught a Blockchain course years ago. That's why people (including myself) were hopeful he'd be pro-Bitcoin when he joined the SEC. But we all very quickly found out that was not the case.

But I think I see based on your "It's possible that you can't separate shitcoins from Bitcoin" comment what the likely common thread is among people who delude themselves into thinking Gensler is somehow pro-Bitcoin despite all evidence to the contrary.

It seems the people who think killing off altcoins would help Bitcoin are the ones that convince themselves that Gensler must be pro-Bitcoin (again, despite his publicly stated negative views on Bitcoin). I mean first off, killing off the exchanges in America (which has clearly been Gensler's top goal) DOES NOT help Bitcoin because adoption relies on those exchanges. But regardless of the result of if Gensler succeeded in killing off the crypto exchange industry in America, the leap you're taking that "he is attacking altcoins so he MUST be pro-Bitcoin" is based off zero evidence and very faulty logic, while there is loads of proof he hates Bitcoin along with every other cryptocurrency. Literally just listen to him anytime he talks about cryptocurrencies. He wants to see them all cease to exist, at the very least in America.


Also if you had ever seen my posts on here you'd laugh at yourself for saying I can't separate shitcoins from Bitcoin lol. Lots of my posts on here are trying to educate people about the vast difference between Bitcoin and everything else. Being pro-Bitcoin doesn't mean you have to pretend anti-Bitcoin people like Gensler are actually pro-Bitcoin. Also nothing in my post would have even suggested that I don't know the difference between Bitcoin and altcoins, so I dunno, just lots of lack of reasoning from the "Gensler likes Bitcoin" crowd, which is what it takes to be part of that crowd in the first place.

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lol I don't need to search for it! I've already seen it. Gensler has many times over the past two years made his opinion clear. So it is YOU that are too lazy to search for it. I'm not your mommy, I don't have to do things for you. If you haven't ever seen Gensler's public statements these past two years you are certainly capable of searching for them yourself. Your lack of desire to look up Gensler's public opinions is not an argument against me stating what he has publicly said.


You seem to be a very angry and hateful person lol. 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.

Believe whatever nonsense you want to I guess. I just think its funny that people convince themselves that literally the American that is causing the most trouble for the entire industry (which obviously includes the main thing in that industry - Bitcoin) is who you hold up as a hero, even though you claim to support Bitcoin. Keep your head under a rock if you want. That's up to you. But just don't get so angry when someone like me comes along and literally just states the facts. I said nothing whatsoever about any opinion on altcoins, I said nothing whatsoever about "evil gubbermint" or the government wanting to kill crypto, or crypto being Binance and Coinbase, or any of the other random made up attacks of the people who make an anti-Bitcoiner into a hero.


If you'd focus less on insults and conspiracy theories and putting an anti-Bitcoin person up on a pedestal, you'd have more time to actually pay attention to whats publicly available information that everyone already knows.

[moderator's note: consecutive posts merged]

Which you're either too lazy to search or you know you can't find it because there wasn't ever such a thing.


Again, bullcrap
Here is the full interview
https://coingape.com/digital-currency-sec-crypto-news-lawsuit/
He didn't say we don't need Bitcoin he said we don't need worthless tokens with zero real-life usage that can be launched without going through the usual channels as other securities are doing. He called for the end of tokens that are being launched without any kind of documented information and transparency. Things only a shitcoin lover would be against!


No, it's you who simply isn't paying actual attention to anything and you just let the tinfoil hat so long that it has taken root on your synapses  
The evil gubbermint is here to kill crypto, if that is what you want to believe, be my guest!
Weird how the repitlians who control everything in this world are against crypto and they want to kill crypto but surprisingly they haven't done a single thing against it. Oh, and btw, crypto is not Binance or Coinbase, in a truly decentralized world those would not exist at all!

Show me any shred of evidence that he isn't anti-Bitcoin lol. I've never seen any. He certainly has been completely anti-Bitcoin since he has been at the SEC. If he ever said anything good about Bitcoin prior to that, which I've never heard of, that doesn't matter anyways because that would just mean he changed his opinion by the time he started at the SEC. People change their opinion. Even if he did support Bitcoin years ago he doesn't anymore so I don't see why that are trying to base an argument on that? That's like trying to argue Michael Saylor is anti-Bitcoin because he used to be years ago.

Hell maybe he turned against the industry precisely because he was denied a job at Binance. I mean according to your logic he also wouldn't be going after Binance since he applied to work there, so obviously the argument you are trying to make doesn't hold.


Bitcoin is definitely not a security. That is true. Nobody would deny that. And that is the only reason Gensler isn't trying to get Bitcoin removed from exchanges, because he knows he has no legal argument whatsoever to do that. He's going with the strongest possible legal action he can possibly take against the Bitcoin/Crypto industry - attack everything but Bitcoin and try to shut down the American exchanges and try to get the non-American exchanges to end operations in the country, while also refusing any Bitcoin ETF (the one thing in his power to directly try to slow down Bitcoin's adoption).

Again, as I said in my last post, I don't get why people try so hard to convince themselves that Gensler is somehow pro-Bitcoin when everyone knows he is not and he repeatedly makes clear he is against Bitcoin. Ya'll seem like you'll be happy if Gensler destroys the industry in America and then you'll suddenly be shocked when that decimates Bitcoin's adoption in the US lol. It's not like it's some mystery what Gensler's views are on Bitcoin, he is very against it. It's super weird that some people try to say he supports Bitcoin. Ya'll trying to turn a guy who wants to see Bitcoin destroyed into some sort of Bitcoin hero lol, sooo weird.

It's possible that you can't separate shitcoins from Bitcoin.


MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler

https://www.youtube.com/watch?v=EH6vE97qIP4&list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn

Publicly available information buddy. If you think Gensler isn't anti-Bitcoin you haven't been paying attention to him during his two years at the SEC.

He has publicly stated numerous times his anti-Bitcoin and anti-Crypto opinion. I don't need to back that up, he backs it up himself every time he talks about it. At no point in time has he every said a kind word about Bitcoin. Anyone who pays attention knows that he is anti-Bitcoin. Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore. And that's just one of the latest times he has publicly stated his anti-bitcoin/crypto opinion.

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

People can't seem to separate their hope from reality. Which I guess is why some people on here actually expect Gensler to approve a Bitcoin ETF lol despite all the evidence showing there is 0% chance of that happening.

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.

So, I guess that's why Gensler has applied to work at Binance at some point and he was (allegedly) advising SBF on the side?
That's why he was giving speeches about bitcoin prior to becoming the SEC Chair.
He did all of that because he hates bitcoin.

I don't like Gensler and I feel like he has a personal vendetta against some of these coins, but it's not like he can change the facts.
What are the facts?
Most altcoins are securities.
Most altcoin teams created a taxable event that required licensing when they did their ICOs.
Bitcoin is not a security.

If you look at what Gensler is saying, you'll see that he's not denying any of the above.

It is not clear to me how the SEC intends to regulate the crypto market. But when an altcoin builds a good reputation, they accuse it of being regulated, which shouldn't be the case. Bitcoin cannot be regulated as there are no restrictions for Bitcoin but it is completely different for altcoins. A few days ago, SEC filed a complaint against Binance and now the victim is coinbase. I think there will be one complaint after another.  Now investors no longer fear the SEC. They got a good idea about the activities of this organization. Even though the market is temporarily down, it will bounce back very soon.

Agree on this part that if people are fool enough governments can't deny the responsibility to shut down scams like if we take normal cases of fiat then some companies setup for investment purposes are pure scam so we can't say people should be careful enough if they have lost money.Same goes with these shitcoin projects who setup with pump dump scheme to fool people so they need to be curb down in any manner.

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.

They did but only SEC have been trying to confuse us recent months.

Bitcoin is a commodity and different than altcoins which are considered as securities or have risk to be considered as securities. Bitcoin is a commodity and it has been confirmed many times in the USA. by their government.

Cryptocurrency communities look at Ethereum and Ripple and see how SEC. can win lawsuits to call those altcoins as securities, not commodity.

Gensler refused and failed to answer Is Ether a commodity or a security? in April 2023. It's a very hard question for Gensler.

At least now it's something that would be considered by others who follow the SEC as more serious and you would be able to support it by buying it. Isn't it something that we all want here? This is definitely good news at least. It can be more in the long term I think.

Laughable news. How is this even possible? These people must surely be out of their minds. I am very concerned that each time these folks decide to spew some nonsense it has a potential to affect the market thereby impacting the revenue of some crypto firms. Well, I got news for them both bitcoins and other solid altcoins (of course) are going to keep thriving. It is too late so many people have already bought into it.

^^
Amen!

Well, mostly to due current statue of Bitcoin as a True Cryptocurrency, coupled with the influence of its backers. Bitcoin won a war and no longer has any challanger. It didn't win this war by trying to please the regulatory authorities or compromising on its most important principles. It won it by holding strong to the truth and through superior reasoning. People who mindlessly fought Bitcoin either perished, are in jail or suffering one serious issue or the other. So, everyone is a bit careful thesedays.
It's like a weak country trying to fight the USD knowing who is backing it. Now Bitcoin has greater backer who values it more than USD and other fiat currencies.

I didn't know about that, but it doesn't surprise me at all. I think the SEC is actually very consistent in their position regarding Bitcoin: Bitcoin is not a security, is not backed up by anything, which is why it's not under their authority. But altcoins are often pretty similar to securities, which is why they fall under the SEC oversight. Or at least that's how the SEC sees it, and perhaps now that they're going to court with Coinbase about it, there will be a legal case to determine that. So it makes sense to me that the SEC's problem with Coinbase wasn't about Bitcoin.

this news is surprising, with this news the value of bitcoin has strengthened, but it is very unfortunate that if this is true, what will happen to other altcoins?
there will be concern for altcoin owners in the end, and even close the possibility that all altcoins will disappear from the crypto world and crypto will not have a story like altcoins accompanying bitcoin to the moon like the previous story

does coinbase not think about the losses that will be obtained if the deletion of attcoin trades later. I wonder why the SEC is always looking for loopholes to eliminate crypto from world financial circulation

And I assume you have the evidence to back this up, right?


So for you, there is no difference between Bitcoin and Binance coin or shitcoin or memecoin or bitconnect cause they are all cryptos?

And furthermore If I am a true bitcoin maximalist and I :
- despise every other shitcoin in existence
- I go by the "not your keys not your coins" motto so fuck all CEXs
I am someone from the SEC or the evil gubbermint?


Nobody is stopping you from buying shitcoins ith your money, that's not what the SEC does, and since we're talking about shitcoin simple example

- Nobody is stopping you from selling or buying used panties
- No way in hell would be Walmart allowed to sell used panties or socks
Simple enough? Is someone right infringed with this? No! Just as it's not here since Coinbse is a company that provides services and it's under regulations.


The crypto environment never ceases to amaze me
- everyone should be free to buy any shitcoin they want
- hang all pump and dump scammers
- CEX that are outside US and EU jurisdictions are nice since they are not controlled by the government
- the government should send Navy SEALs team to hunt down those off-shore exchanges that ran away with our money
- never put your money in CEX
- it's my money allow me to lose it how I want but make sure to repay me

It's either one, they think altcoins are far more dangerous than Bitcoin (since there's a lot of shitcoins out there) so they allow Bitcoin which has a proven track record, compared to altcoins (they probably couldn't be assed to specify altcoins so they just banned them all), or two, they're trying to take some semblance of control over the crypto market, starting with altcoins. They probably realized they couldn't do anything to Bitcoin (at least for now, since they've already tried tbf), so they targeted altcoins instead.

Unfortunately, most of those who come into contact with cryptocurrencies do not care about anything other than profit, and they do not care what a cryptocurrency is called, who is behind it and whether it has any purpose at all. Therefore, the reactions to this kind of request from the SEC are mostly negative, and people like CZ are becoming even more popular because they actually provide the greatest support to all these nonsensical projects within their platform.

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I would never dispute the right of someone to invest their money in whatever they want, but I would ask everyone who does so to sign a statement that they cannot ask for any help from state institutions for any possible loss. If people don't want the state to regulate the wild west when it comes to altcoins, then let them be prepared to bear the consequences of their decisions.

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?

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.

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.

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...

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.

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/


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


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!

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

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.

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.

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

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.

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.