TechFlow news: Before suing Coinbase, the U.S. Securities and Exchange Commission (SEC) had demanded that Coinbase halt trading of all cryptocurrencies other than Bitcoin.
Coinbase CEO Brian Armstrong told the Financial Times that after making this proposal, the SEC filed a lawsuit against the company last month for failing to register as a broker-dealer.
The SEC's lawsuit identifies 13 thinly traded cryptocurrencies on the Coinbase platform as securities, claiming that by offering these digital assets to customers, the exchange falls within the SEC's regulatory jurisdiction.
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