SEC asked Coinbase to trade only in bitcoin before suing crypto exchange

The Coinbase logo displayed on a smartphone screen.

In June, the U.S. Securities and Exchange Commission (SEC) asked Coinbase to only trade in bitcoin, excluding all other cryptocurrencies, before suing the cryptocurrency platform. Coinbase was accused of operating illegally because it did not register as an exchange. In addition, the SEC also alleged that the platform traded at lease 13 crypto assets that are securities that should have been registered; including tokens like Polygon, Solana, and Cardano.

The CEO of Coinbase, Brian Armstrong, said, “We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the U.S….It kind of made it an easy choice…let’s go to court and find out what the court says.”

To read more in-depth, click here for Reuter’s article detailing the accusations.