SEC Told Coinbase to Stop Trading in all Cryptos Except Bitcoin Before Suing

The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN) to stop trading in all cryptocurrencies other than bitcoin (BTC) prior to suing the crypto exchange, according to a Financial Times report, citing Coinbase CEO Brian Armstrong. Armstrong told FT that "the SEC made the recommendation before launching legal action against the Nasdaq-listed company last month for failing to register as a broker," the report said. On June 6, the SEC charged Coinbase with breaching federal securities law alleging that it was simultaneously operating as a broker. Coinbase and the SEC are now embattled in a legal process, even as Ripple scored a partial victory in a case against the SEC.

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