Coinbase executives have said that their company does not intend to end support for designated tokens and services in the case of securities.
Coinbase doesn’t intend to reduce options
The US Securities and Exchange Commission (SEC) filed charges against Coinbase on June 6th. It identified at least 13 cryptocurrencies listed by Coinbase, as well as the company’s staking service, as securities or investment contracts.
Nevertheless, Coinbase “has no plans to divest any of these assets,” Chief Legal Officer Paul Grewal said in a statement to TechCrunch. June 7,
Coinbase CEO Brian Armstrong, meanwhile, told Bloomberg that the company does not intend to discontinue its staking services and that it is “business as usual”.
Coinbase has removed opportunities in the past, despite efforts by executives to reassure users that the status quo would remain in place. Notably, it has blocked XRP trading since 2021, and it clearly quotes The SEC case against Ripple as a reason for that choice.
Coinbase also delisted Binance (BUSD) and Algorand (ALGO) from its staking options at a time of regulatory concerns, though the reasons for those delistings may simply be linked to regulatory incidents. Additionally, Coinbase is slated to end its lending program in 2021 following legal threats from the SEC.
Binance.US has already removed the assets
Although Coinbase plans to avoid delisting, one of its competitors has already disclosed the delisting. Binance.US received SEC charges of its own on June 5th, and it announced it would delist several trading pairs and halt OTC trading.
Those delistings do not extend to Binance.com, the global arm of the company.
Meanwhile, at least one crypto project named in the SEC case is attempting to show that it does not pose a listing risk. Cardano developer Input Output has said its ADA token is not a security, contrary to what the text of the SEC cases named it.
