• Coinbase affirms its commitment to support tokens and services named in the SEC lawsuit, despite recent charges filed by the US SEC.
• The exchange has made delisting decisions in the past and is facing legal threats from the SEC.
• BinanceUS has announced plans to delist several trading pairs and pause OTC trading while Cardano developer Input Output is striving to demonstrate that ADA should not be considered a security.
Coinbase Stands Firm on Its Support for Tokens
Crypto exchange Coinbase will continue providing services for tokens listed on its platform, despite the recent charges filed by the US Securities and Exchange Commission (SEC). In a June 7 interview with Axios, Coinbase CEO Brian Armstrong stated that there are “no plans to delist any of these assets” until a court determination is made.
Previous Delisting Decisions
While Coinbase aims to reassure users that no delistings will take place, it is worth noting that the exchange has made delisting decisions in the past due to regulatory concerns. Notably, Coinbase halted trading of XRP in 2021 due to the SEC’s case against Ripple. It also removed Filecoin (FIL) and Polygon (MATIC) from its staking options as well as Binance’s BUSD from its list of supported currencies. Furthermore, Coinbase discontinued its Lend program due to legal threats from the SEC last year.
BinanceUS’s Move Contrasts Coinbase’s Approach
In contrast to Coinbase’s stance of avoiding delistings, competitor BinanceUS recently announced plans to delist several trading pairs and pause over-the-counter (OTC) trading due to similar regulatory issues faced by both exchanges. However, these changes only apply specifically to BinanceUS; they do not extend to Binance’s global arm.
Cardano Developer Strives To Demonstrate ADA Should Not Be Considered A Security
One of the crypto projects identified in the SEC’s case against Coinbase is Cardano developer Input Output. The company is striving to demonstrate that its ADA token should not be considered a security―contrary to what was alleged in the lawsuit―in order for it not be subject any potential penalties or restrictions.
As this ongoing legal battle between Coinbase and the SEC continues, it appears clear that Coinbase remains committed maintaining a wide range of cryptocurrencies without subjecting them additional restrictions or penalties based on potential securities status designations by regulators alone