Coinbase CEO: SEC required crypto exchange to trade only bitcoin

The chief U.S. exchange regulator made a corresponding request to the crypto platform even before the June lawsuit, Brian Armstrong said

The U.S. Securities and Exchange Commission (SEC) demanded from crypto exchange Coinbase to stop trading in all cryptocurrencies except bitcoin, said in an interview with the Financial Times, the CEO of the crypto platform Brian Armstrong.

The SEC filed a lawsuit against cryptocurrency exchange Coinbase on June 6 this year. The regulator claimed that the platform operated as an unregistered broker. The suit also claimed that at least 13 tokens represented on the platform are essentially securities.

In the SEC's lawsuit against Coinbase, the regulator named the tokens Solana (SOL), Cardano (ADA), Polygon (MATIC), Filcoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), NEAR Protocol (NEAR), Voyager VGX (VGX), Dash (DASH) and NEXO (NEXO) as securities.

Armstrong later said that until any court decision is made, the platform will operate as normal, offering stacking services and trading tokens that the SEC considers securities.

Coinbase Global (COIN) is the largest crypto exchange in the U.S. and second after Binance among all centralized marketplaces. The company's capitalization as of July 31, 2023, is $22 billion.

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