Why did the SEC ask Coinbase to halt trading in everything except bitcoin?
07/31/2023 •
The SEC aimed to assert its regulatory authority over the cryptocurrency market. — The majority of viewpoints suggest that the SEC is attempting to exert more control over the crypto market, especially based on their criticism towards Coinbase's multi-role operations.
Stats
| 71% | 24 | |
| 29% | 10 | Bluesky |
| 56% | Negative |
| 38% | Neutral |
| 5% | Positive |
| 50% | 😱 Fear |
| 44% | 😡 Anger |
| 3% | 😃 Joy |
| 3% | 😢 Sadness |
| 0% | 🥰 Love |
| 0% | 😯 Surprise |
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Story
- The SEC's request to Coinbase to halt trading in everything except Bitcoin is seen as an attempt to assert regulatory authority over the cryptocurrency market. Some users believe this move shows a broader regulatory intention by the SEC.
- There is widespread frustration and disbelief towards the SEC's request, with users labeling it as "ridiculous" and "insane".
- Users suggest that the SEC's request could lead to the outlawing of all cryptocurrencies except Bitcoin, raising fears about the broader impact on the cryptocurrency market.
- Users suspect a deliberate manipulation of the market by the SEC to benefit Wall Street and accuse the agency of colluding with institutional interests.
- Users speculate that the SEC's request could lead to a decline in the prices of cryptocurrencies other than Bitcoin.
- There is concern about the impact of the SEC's request on Coinbase's stock performance due to the ongoing SEC lawsuit.
- Users question the timing of the SEC's request, noting it was made before the SEC sued Coinbase and currently has no immediate market impact.
- There is significant criticism of SEC Chairman Gary Gensler regarding his involvement in the SEC's request, with some users suggesting a pattern of coincidences between the SEC's actions and Wall Street interests.
- Users express fears that if Coinbase complies with the SEC's request, they may consider leaving the cryptocurrency space altogether.
- Some users accuse the Enterprise Ethereum Alliance (EEA) and Ethereum founders of colluding with the SEC, suggesting they wanted a monopoly for Ethereum and to control all crypto securities in the US.
- Users criticize Coinbase for losing its moral high ground by starting to trade Dogecoin (DOGE), implying a possible negative effect on the company's reputation and stock performance.
- Users believe the SEC has issues with Coinbase's multiple roles in the market such as an exchange, broker, custodian, hedge fund, venture fund, and market maker. This is perceived as a conflict of interest not allowed in traditional markets.
- If Coinbase complies with the SEC's request, users express concern about the possible death of their business.
- Relief and reassurance are expressed regarding the potential market impact of the SEC's request as users believe it won't have any immediate market impact due to the timing of the request.
- Users share news and information related to the SEC's request, quoting statements made by Brian Armstrong, CEO of Coinbase.
- Despite the negative sentiment towards the SEC's request, some users show neutrality, simply stating facts without expressing any particular emotion or concern.