Bermuda

Cardano

Chair

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
<a href="https://u.today/coinbase-market-share-in-us-rises-to-61-despite-sec-lawsuit" rel="noopener noreferrer nofollow">Coinbase</a>, the United States' leading cryptocurrency exchange, may be required to delist 13 digital tokens, including Cardano (ADA), as a result of a lawsuit filed by the U.S. Securities and Exchange Commission, according to <a href="https://www.ft.com/content/e9728b47-dab4-4f82-8fd5-2e883a983b99" rel="noopener noreferrer nofollow">an interview</a> conducted by Financial Times reporter Scott Chipolina with CEO Brian Armstrong.&nbsp; 
The SEC case alleges that these tokens, which form a small fraction of the 240 assets available on the platform, are unregistered securities. 
Armstrong described the delisting of ADA and the other tokens as "the worst-case scenario" but downplayed the potential impact of such a move, suggesting that their delisting would not pose a substantial loss of revenue or present an existential crisis for the company. 
As <a href="https://u.today/cardano-developer-rejects-secs-claims-of-ada-being-a-security" rel="noopener noreferrer nofollow">reported by U.Today</a>, Input Output Global (IOG), the developer behind the Cardano blockchain, has firmly rejected the SEC's assertion that Cardano's native token, ADA, should be classified as a security. 
Earlier today, Coinbase filed a motion to dismiss the lawsuit, citing the recent decision in the Ripple case to bolster its case against the SEC. 
<h2 id="staying-in-u-s">Staying in U.S.&nbsp;</h2> 
The <a href="https://u.today/coinbase-ceo-massively-deletes-his-older-tweets-whats-happening" rel="noopener noreferrer nofollow">Coinbase CEO</a> dismissed the idea that Coinbase could relocate to more crypto friendly countries amid ongoing regulatory scrutiny in the U.S., contrary to recent speculation spurred by the firm's procurement of a license in Bermuda. 
This clarification comes after earlier reports about the firm's acquisition of a Bermuda license.&nbsp;Significantly, Armstrong emphasized that Coinbase has no backup plan for relocating its operations. The exchange is committed to staying in the U.S., with its international licenses serving as a mechanism for global expansion rather than a contingency against domestic regulatory challenges. 
SEC Chair <a href="https://u.today/ripple-decision-not-final-gensler-hints-at-sec-appeal" rel="noopener noreferrer nofollow">Gary Gensler</a> previously characterized the crypto market as being "rife with non-compliance." 
In 2022, the exchange's U.S. revenue was nearly $2.7 billion, dwarfing its international earnings of just over $500 million. Armstrong reassured readers that even in the event of a loss in the SEC lawsuit, Coinbase would remain a prominent player in the American cryptocurrency industry.

Coinbase Might Delist Cardano (ADA) and Other Tokens, CEO Says

Table of Contents

U_Today

Other articles published on Aug 4, 2023

Trader Joe is now live on Ethereum Mainnet!

CRTO Stock Price Prediction: Will Criteo Q2 Affect Its Price?

Uniswap and Polygon (MATIC) Tipped to Pump, Bulls Rally Behind Tradecurve For 100x

Development in AI Can Boost Country’s GDP: Know Possible Impacts

China is far more important than US for crypto sector

Unleashing the X-Factor: X Project Soars High with Certik Audit, Multiple CEX Listings and Surgin...

Join our free newsletter for daily crypto updates!