SEC Requests Coinbase to Halt Trading in All Cryptocurrencies Except Bitcoin, CEO Reveals
The US Securities and Exchange Commission (SEC) has reportedly asked Coinbase, America’s largest crypto exchange, to halt trading in all cryptocurrencies other than flagship token Bitcoin.
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. Unlike traditional currencies like the US Dollar or Euro, cryptocurrencies are decentralized, meaning they’re not issued or controlled by a central authority such as a government or financial institution.
Instead, they are governed by technology called blockchain, which is a distributed ledger enforced by a network of computers around the world, according to Investopedia.
The revelation was made by Coinbase CEO Brian Armstrong, during an interview with the Financial Times.
Armstrong explained that the request came before the SEC’s legal action against Coinbase for its alleged failure to register as a broker.
