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SEC Asks Major Exchange To Allow Only Bitcoin Trading, Implying That It Believes All Altcoins Are Securities
The U.S. Securities and Exchange Commission (SEC), as part of an ongoing lawsuit, has asked a major cryptocurrency exchange based in the United States to remove trading for all cryptocurrencies other than Bitcoin from its platform, at least according to the exchange’s CEO. The request seems to indicate that the SEC, under its chairperson, Gary Gensler, is pushing for wider authority over the “Crypto” industry.
Gensler has previously indicated that he thinks all cryptocurrencies except Bitcoin are securities, and the current development seems to signal his intent to enforce that line of thinking across U.S. markets. Such an interpretation of the law could have far-reaching implications for “Crypto” because the SEC could force many other cryptocurrency exchanges to delist tokens other than Bitcoin if this initial lawsuit is successful. That said, the SEC's case is still ongoing, and it’s unclear how the court will rule.
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