🧵 1/5 Coinbase CEO reveals the SEC once demanded the exchange to delist all cryptocurrencies except Bitcoin to avoid potential lawsuits. #crypto
🧵 1/5 Coinbase CEO reveals the SEC once demanded the exchange to delist all cryptocurrencies except Bitcoin to avoid potential lawsuits. #crypto
🧵 2/5 The SEC believed "every asset other than Bitcoin is a security," according to Armstrong. This view is shared by SEC Chair Gary Gensler.
🧵 3/5 Compliance could have set a dangerous precedent, potentially ending the crypto industry in the US, says Armstrong.
🧵 4/5 The SEC's lawsuit against Coinbase alleged the exchange operated as an unregistered entity and offered unregistered securities.
🧵 5/5 Crypto industry oversight in the US remains unclear, with both the CFTC and SEC taking regulatory action. Recent legislation seeks to clarify their roles.
🧵 Read more at: https://www.zerohedge.com/crypto/coinbase-ceo-says-sec-told-it-delist-everything-bitcoin-report