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19 September 2021

SEC Chair: Coinbase Lists 'Dozens of Tokens That Might Be Securities' - Decrypt

SEC Chair: Coinbase Lists 'Dozens of Tokens That Might Be Securities' - Decrypt

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SEC Chair: Coinbase Lists 'Dozens of Tokens That Might Be Securities'.

Speaking at a hearing convened by the Senate Banking Committee, Gensler observed that Coinbase did not have a license to operate as a stock exchange "even though they have dozens of tokens that might be securities.".

Shortly after Armstrong tweeted, one of the SEC's own Twitter accounts published a video providing a basic definition of what is a security under the law—a move that many in the crypto industry interpreted as trolling Coinbase.

A spokesperson for Coinbase said the company would decline to comment for now about Gensler's remark that it might be listing dozens of tokens that are securities.

While the SEC has issued statements that suggest that it does not consider Bitcoin and Ethereum to be securities, many other tokens fall in a grey area.

If the SEC concludes that dozens of Coinbase's offerings are indeed securities, the company would likely have to delist them and could face a series of fines and investigations.

Such a development would amount to a devastating blow for the broader crypto industry, since Coinbase is arguably regarded as the most mainstream crypto firm and has long billed itself as eager to operate within the law.

All of this suggests that Tuesday's hearing and the ongoing clash between the SEC and Coinbase is likely to be a protracted battle as the regulator and Congress attempt to create rules to oversee the fast-growing crypto industry.

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