When Armstrong asserted that Coinbase held a different interpretation of the law, the SEC declined to elaborate on the reasoning behind its conclusion, according to the report. Instead, the regulatory body insisted that “you need to delist every asset other than bitcoin.” The SEC filed a lawsuit against Coinbase on June 6, claiming that the company was operating as an unregistered exchange. In the suit, the agency classified 13 cryptoassets as securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.
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