Armstrong told the Financial Times the SEC recommendation left us no choice but to head to court.
The U.S. Securities and Exchange Commission had asked Coinbase to stop trading in all cryptocurrencies other than bitcoin prior to suing the crypto exchange, according to a Financial TimesArmstrong told FT that"the SEC made the recommendation before launching legal action against the Nasdaq-listed company last month for failing to register as a broker," the report said.
“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong said according to the FT. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”The SEC told the FT its enforcement division did not make formal requests for “companies to delist crypto assets.
“In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws,” it added, according to the FT report.are securities. Armstrong's revelations suggest the SEC viewed Ether, the second-largest cryptocurrency, as a security before suing Coinbase.
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