coinspress.com
Coinbase executives have made it clear that they have no intentions of discontinuing support for tokens and services implicated in a securities case.
On June 6, the U.S. Securities and Exchange Commission (SEC) filed charges against Coinbase, alleging that at least 13 cryptocurrencies listed on the platform and their staking service qualify as securities or investment contracts.
However, Coinbase’s Chief Legal Officer, Paul Grewal, stated on June 7 that the company has “no plans to remove any of these assets” in a statement to TechCrunch.
Coinbase CEO Brian Armstrong echoed this sentiment in an interview with Bloomberg, affirming that the company has no intention of discontinuing its staking services and will continue operating normally.
Although Coinbase’s executives are reassuring users about their commitment to maintaining the status quo, the platform has taken actions in the past that limited opportunities. Notably, they ceased XRP trading in 2021 due to the SEC’s case against Ripple.
Coinbase has also delisted Binance (BUSD) and removed Algorand (ALGO) from its staking options around the time of regulatory concerns. However, the reasons for these delistings may only have a tangential connection to regulatory events. Additionally, Coinbase terminated its Lend program in 2021 after receiving legal threats from the SEC.
READ MORE: Top Bitcoin Whales Accumulate as Crypto Market Faces Legal Woes
While Coinbase aims to avoid delisting, one of its competitors, Binance.US, has already announced delistings. Binance.US faced its own SEC charges on June 5 and revealed plans to delist several trading pairs while temporarily suspending OTC trading.
It’s important to note that these delistings are limited to Binance.US and do not impact Binance.com, the company’s global arm.
Meanwhile, at least one cryptocurrency project implicated in the SEC’s case is working to prove that it does not pose a risk of delisting. Input Output, the developer of Cardano, has stated that its ADA token is not a security, contradicting the claims made in the SEC’s case.