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The US Securities and Exchange Commission (SEC) asked Coinbase to halt all crypto trading operations except for Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>). 
Financial Times (FT) report cites the San Francisco-based crypto exchange Coinbase’s CEO Brian Armstrong. 
He claims that SEC’s request came prior to the regulator’s <a href="https://crypto.news/coinbase-responds-to-secs-lawsuit-says-some-tokens-are-not-securities/" rel="noopener noreferrer nofollow">lawsuit</a> against the exchange. On July 6, SEC <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" rel="noopener noreferrer nofollow">sued</a> Coinbase for allegedly operating in the US without having the necessary registrations.&nbsp; 
Moreover, Armstrong <a href="https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d" target="_blank" rel="noopener noreferrer nofollow">believes</a> that the agency’s demand to halt all digital asset trading activities — with Coinbase offering more than 200 tokens — would have brought “the end of the crypto industry in the US.” 
<blockquote class="wp-block-quote"> 
 “They came back to us, and they said . . . we believe every asset other than Bitcoin is a security. 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.” <cite>Coinbase CEO Brian Armstrong told FT.</cite> 
</blockquote> 
The report suggests that the SEC took legal action against the exchange for offering the 13 cryptocurrencies the agency identifies as securities. 
 You might also like: <a href="https://crypto.news/coinbases-regulatory-woes-in-the-us-far-from-over-analysts-opine/" rel="noopener noreferrer nofollow"> Coinbase’s regulatory woes in US far from over, analysts opine&nbsp; </a> 
The 40-year-old CEO says Coinbase’s choice was rather easy for not delisting the assets. “It kind of made it an easy choice … let’s go to the court and find out what the court says,” Armstrong added. 
 Read more: <a href="https://crypto.news/british-museum-the-sandbox-collaboration/" rel="noopener noreferrer nofollow"> British Museum embraces digital collectibles with The Sandbox partnership </a>

SEC asked Coinbase to cease all crypto trading except Bitcoin, CEO says

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