The US government has been obsessed with the cryptocurrency markets for a while. So much so that the US Securities and Exchange Commission (SEC) sued giant crypto exchanges Coinbase and Binance a while ago. As a matter of fact, there was nothing serious under these cases. The US administration was doing its best to corner the market ahead of next year’s Bitcoin halving.
Now, striking statements about the SEC have come from the CEO of Coinbase. Speaking to the Financial Times, Brian Armstrong disclosed a scandalous request by the SEC against them. The statements made by the CEO of Coinbase revealed what the USA wanted to do.
All altcoins were requested to be delisted!
According to a statement made by Coinbase CEO Brian Armstrong, SEC officials reached the company before filing the lawsuit and requested that all crypto assets except Bitcoin be delisted. The CEO says that there is no legal basis for this request, so they rejected the request. When the SEC doesn’t get what it wants, it’s suing Coinbase and things are getting to this point…
The SEC’s “Why?” His answer to the question: We don’t have to explain
The scandalous aspect of the incident is the response Coinbase received upon requesting a legal basis. When Armstrong asked why they would delist all assets other than Bitcoin, and what legal basis it had, the SEC replied, “We will not disclose.” In other words, the SEC made a request to Coinbase “as it pleases”, and when this request was rejected, the case played its trump card. At least that’s the case according to the Coinbase CEO.
The SEC strangely denied the Coinbase CEO’s claim!
The Financial Times reached out to an SEC spokesperson after an interview with the Coinbase CEO. The statements made on the subject were because they said that his apology was greater than his fault. The SEC denied the allegations, saying:
Let’s get to the biggest scandal: SEC’s request coincides with President Gary Gensler’s thoughts!
The controversial head of the SEC, Gary Gensler, said in an interview in February that he considers all crypto assets except Bitcoin to be “securities.” This sentiment seems to be starting to reflect the SEC’s own view these days. For the USA, which prides itself on democracy, this state of corruption is not encouraging at all. So why?
There have been some developments in the past that underline the “controversial” phrase we use for the SEC Chairman. Allegedly, Gensler opened a short position for $2.5 million worth of Bitcoin hours before suing Binance and Coinbase. So he predicted that Bitcoin would fall (!). Not only that. It turns out that Gensler had once applied for a job as a consultant at Binance. In addition, Gensler sent a copy of a speech he was going to make in recent years to Binance CEO hangpeng Zhao, whom he is now hostile.
For the scandals that have surfaced regarding Gary Gensler:
Let us remind you that the SEC also lost the case against Ripple:
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