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Coinbase has long been an icon in the world of cryptocurrencies. During the explosion of altcoin in 2017, Coinbase has distinguished itself from its peers by listing only 3 cryptocurrencies: Bitcoin, Ethereum and Litecoin.
In contrast, exchanges like Binance have listed hundreds of different currencies. Despite this, Coinbase has always existed as an example of compliance and as such the most reliable cryptocurrency exchange in the public eye, despite its large part of customer complaints.
The Coinbase approach of listing only three established cryptocurrencies seems to be confirmed by the fact that the SEC has now cast a shadow over the cryptocurrency suggesting that a large majority of coins may be classified as securities.
Since the cryptocurrency market (at least in the US) is being remodeled by the decisions the SEC is making, Coinbase has made a sudden and unexpected change to its policies: it has started to list more coins. At a time when almost everyone else is waiting and seeing an approach, Coinbase has doubled the number of coins it offers and said it could add up to 30 additional coins in the future.
For many viewers, this seems to fly in the face of current regulatory decisions, and Coinbase has not said much to clarify what is driving its recent decisions. However, Coinbase vice president Dan Romero made some statements about Laura Shin's podcast wild that shed light on what Coinbase is thinking.
Romero cited the huge customer demand as the main factor for adding more coins. He went on to say that "the possibility of changing cryptocurrencies is a fundamental part of functionality in the ecosystem".
It seems that Coinbase wants to be more than just a fiat on-ramp for cryptocurrency buyers to exchange the fiat for cryptocurrency before buying coins on other exchanges. This makes sense as the altcoin trading market yielded a profit of $ 1 billion for Binance in 2018.
But what about the SEC which suggests that many of these coins could be titles? Is it not necessary for Coinbase to avoid listing the activities that could be unregistered securities?
Romero suggested that the Coinbase legal team is working to make sure that this does not happen.
In other words: Coinbase is sure that none of the coins that you have listed or are planning to list are titles.
But this is in contrast to statements made by the SEC chief, Jay Claton, who said, "I believe every ICO I've seen is a security."
If Coinbase is right, and none of the coins it lists are securities (including several coins with an ICO), the SEC is ready to deal with the criptoassets with greater flexibility than previously thought.
So, Coinbase is making a multi-million dollar mistake, or the SEC posture has misrepresented its true intent. In light of Coinbase's recent $ 300 million capital increase, investors must think that Coinbase is right.
