News

Coinbase CEO: US SEC Asked Them to Halt Trading For All Crypto Except Bitcoin

Coinbase chief said that had they given up to the SEC's demands it could have impacted several crypto firms in America.
Published by
Coinbase CEO: US SEC Asked Them to Halt Trading For All Crypto Except Bitcoin

During his recent interview with Financial Times, Coinbase chief Brian Armstrong said that the U.S. Securities and Exchange Commission (SEC) asked them to halt trading for all 200 cryptocurrencies listed on the platform except for Bitcoin, before suing the exchange back in early June 2023.

Coinbase CEO said that SEC believed that every cryptocurrency apart from Bitcoin qualifies as a ‘security’. It was clear that the federal securities regulator was trying to assert authority over the broader section of the market.

In its lawsuit, the US SEC identified 13 most lightly traded digital assets on Coinbase, as securities. The regulator further asserted that offering them further to customers would put the exchange under the purview of the SEC. Armstrong said:

“They came back to us, and they said… we believe every asset other than Bitcoin is a security. And, we said, well how are you coming to the conclusion, because that’s not our interpretation of the law. And they said, we are not going to explain it to you, you need to delist every other asset other than Bitcoin”.

Armstrong added that had Coinbase succumbed to the SEC’s demands, it could have set a wrong precedent leaving a large majority of US crypto businesses operating outside the law unless they register with the Commission. Basically, it seems that the SEC was trying to arm-twist Coinbase while the exchange refused to give up easily.

Coinbase vs SEC

Last month, crypto exchange Coinbase filed a motion to dismiss all charges from the US SEC. Coinbase stated that even though it didn’t register with the SEC as a broker, it denies offering any crypto asset securities for trading.

Additionally, Coinbase refutes the SEC’s authority over investors and rejects the notion that laws or SEC regulations necessitate segregation of functions. The Chief Legal Officer, Paul Grewal, expresses openness to engage in a dialogue with financial watchdogs and advocates for new legislation and rulemaking moving forward.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push

Michael Selig is the latest candidate who has been chosen by President Donald Trump to…

October 25, 2025
  • News

First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest

Institutional momentum in XRP is accelerating as the first U.S. spot XRP ETF ($XRPR) reached…

October 25, 2025
  • Price Analysis

Can Hype Price Hit $50 After Robinhood Listing?

HYPE, the native token of the decentralized exchange Hyperliquid, has witnessed a notable price surge…

October 24, 2025
  • News

XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal

In the latest XRP news, Ripple has introduced 'Ripple Prime,' which it plans to integrate…

October 24, 2025
  • News

Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data

Traders are betting on the FOMC to make two more rate cuts this year following…

October 24, 2025
  • News

Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill

Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to…

October 24, 2025