Trending: Coinbase CEO Says Company Battle With SEC Is Existential for Industry
July 31 2023 - 2:29PM
Dow Jones News
1351 ET -- Coinbase Group is one of the most mentioned companies
in the U.S. across all news items in the last 12 hours, according
to Factiva data. Coinbase Chief Executive Brian Armstrong sees his
company's legal battle with the Securities and Exchange Commission
as existential for the U.S. cryptocurrency industry after he says
the regulator recommended the crypto exchange delist all tokens
other than Bitcoin. Armstrong told the Financial Times the SEC made
the request before it sued the company for operating as an
unregistered securities exchange, broker and clearing agency. "They
came back to us, and they said ... we believe every asset other
than Bitcoin is a security," Armstrong said. "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." Dow Jones & Co. owns Factiva.
(matthew.walker@dowjones.com)
(END) Dow Jones Newswires
July 31, 2023 14:14 ET (18:14 GMT)
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