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Coinbase CEO, Brian Armstrong, mentioned that the crypto trading platform might have to delist 13 digital tokens, including Cardano (ADA), due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
The SEC lawsuit claims that these tokens, though only a small fraction of the 240 assets on the platform, are considered unregistered securities. As a result, Coinbase is facing the possibility of removing them from its list of available cryptocurrencies.
In a recent interview with the Financial Times, Coinbase CEO Brian Armstrong discussed the possibility of delisting Cardano (ADA) and other tokens due to the SEC lawsuit. He referred to it as the “worst-case scenario,” but he downplayed its potential impact on the company. Armstrong believes that even if these tokens are delisted, it won’t lead to a significant loss of revenue or an existential crisis for Coinbase.
Regarding the speculation about Coinbase relocating to crypto-friendly countries like Bermuda, Armstrong dismissed the idea. Despite ongoing regulatory scrutiny in the United States, he emphasized that Coinbase has no plans to move its operations elsewhere and is committed to staying in the country.
The SEC lawsuit has posed a significant setback for Coinbase, a vocal supporter of the crypto industry. However, Armstrong’s comments indicate that the company is prepared to navigate through the challenges and continue operating in the U.S., even if it means delisting some of its popular tokens.
Future Prospects for Cardano (ADA) and Other Tokens
The future of ADA and other tokens facing delisting remains uncertain. Despite the possibility of removal from Coinbase, Armstrong’s comments suggest that these tokens might still be tradable on other exchanges.
There’s also a chance that the SEC lawsuit could favor Coinbase, allowing the tokens to stay on the platform. However, it’s too early to predict the final outcome of the case.
For investors holding Cardano (ADA) and other tokens at risk of delisting, it’s essential to be mindful of the potential risks involved. Consulting with a financial advisor can help determine the best course of action during this uncertain period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.