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<h2 id="header-0">Move Could Have Reshaped US Crypto Industry</h2>In an audacious move that&#39;s sent shockwaves through the crypto landscape, the U.S. <a href="https://www.coingabbar.com/en/crypto-currency-news/big-trouble-ahead-for-binance-lawsuit-threatens-crypto-giant" rel="noopener noreferrer nofollow">Securities and Exchange Commission</a> (SEC) has reportedly asked Coinbase, the Nasdaq-listed cryptocurrency exchange, to halt trading in all cryptocurrencies, with the sole exception of Bitcoin. According to Coinbase CEO Brian Armstrong, this unusual demand is a symptom of the SEC&#39;s expanding quest for regulatory authority over a broad spectrum of cryptocurrencies. This marks a new chapter in the often convoluted relationship between the burgeoning crypto industry and traditional financial regulators.The SEC&#39;s recent recommendation was followed by legal action against Coinbase for allegedly failing to register as a broker. The case identified 13 cryptocurrencies, primarily lightly traded on Coinbase&#39;s platform, as securities. This implies that by offering these tokens, Coinbase came under the SEC&#39;s regulatory purview. However, the regulator&#39;s previous request to delist over 200 tokens, excluding Bitcoin, suggests a more extensive effort to tighten control over the crypto space under the chairmanship of Gary Gensler.The SEC&#39;s stand was firm and unequivocal. Armstrong stated, &#34;They came back to us, and they said . . . we believe every asset other than Bitcoin is a security.&#34; The failure to agree on this interpretation of the law could potentially lead to a crypto crisis in the U.S., with most businesses operating outside the law unless they registered with the commission.This development throws into sharp relief the uncertain terrain crypto industry oversight currently occupies. The SEC and the <a href="https://www.coingabbar.com/en/crypto-currency-news/binance-vs-cftc-the-showdown-on-the-wall-street" rel="noopener noreferrer nofollow">Commodity Futures Trading Commission</a> (CFTC) have been vying for control, with the latter suing Binance, the largest crypto exchange, earlier this year. Gensler has previously opined that most cryptocurrencies, except Bitcoin, are securities—a view that is seemingly taking shape in the SEC&#39;s regulatory attempts.The absence of Ether, the second-largest cryptocurrency and backbone of many industry projects, from the SEC&#39;s case against Coinbase is noteworthy. Ether was also missing from the list of &#34;crypto-asset securities&#34; in the SEC&#39;s lawsuit against Binance, which adds another layer of complexity to the evolving regulatory narrative.Existing debate centers around whether crypto tokens should be subject to the SEC&#39;s oversight. This would mean considerably higher compliance standards, complicating the business models of many companies built on the assumption that these tokens aren&#39;t securities. Charley Cooper, former CFTC chief of staff, commented, &#34;If they&#39;re told otherwise, many of them will have to stop operations immediately.&#34;The stakes are high. SEC&#39;s wide-reaching request for Coinbase to delist tokens other than Bitcoin could set a precedent that reshapes the U.S. crypto industry and its operational mechanisms. The grey area of regulatory authority over crypto assets needs clarity, and the present course of action indicates a tectonic shift towards tighter regulation.The <a href="https://www.coingabbar.com/en/crypto-currency-news/bitcoin-price-defies-expectations-soars-above-dollar-29000" rel="noopener noreferrer nofollow">crypto market</a> thrives on its innovative and disruptive nature. However, its rapid evolution necessitates a clearer regulatory framework to prevent illicit activities and protect investors. While the SEC&#39;s attempt to exert control might initially disrupt the crypto market, it could potentially lead to a more mature, secure, and regulated market in the future. It&#39;s crucial, though, to find a balance between regulatory oversight and nurturing innovation. This watershed moment should stimulate necessary dialogue and perhaps pave the way for a regulatory landscape that bolsters, rather than hinders, the crypto industry&#39;s growth.

SEC Orders Coinbase to Delist All Assets Except Bitcoin

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