Coinbase CEO reveals SEC’s request to temporarily halt trading on all assets except bitcoin – Update

The U.S. Securities and Exchange Commission (SEC) has recently urged cryptocurrency exchange Coinbase to halt trading in everything except bitcoin, according to CEO Brian Armstrong. In a Twitter thread, Armstrong revealed that the SEC threatened to sue the company if they proceeded to launch a new lending program called “Lend.” The SEC allegedly stated that it considers Lend a security and wants to regulate it. However, Coinbase disagrees and claims that Lend is a product similar to those offered by other companies that do not raise such regulatory concerns. The situation highlights ongoing regulatory challenges in the cryptocurrency industry..

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SEC asked Coinbase to halt trading in everything except bitcoin, CEO says

The U.S. Securities and Exchange Commission (SEC) has reportedly requested Coinbase, a leading cryptocurrency exchange, to temporarily stop trading in all assets except for bitcoin. The decision comes as the SEC investigates the exchange’s Lend program, which offers users interest rates on their cryptocurrency holdings. Coinbase CEO Brian Armstrong alleged that the SEC failed to provide clear guidelines and that other regulatory bodies have already approved similar lending platforms. He expressed concerns about potential conflicts of interest within the SEC and vowed to work with regulators but called for more transparent regulations for the crypto industry.

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