Apparently before they initially sued COINBASE in June, the SEC demanded the exchange to cease offering any other crypto trading except for Bitcoin. Coinbase would hence effectively cease to exist as people had known it, so Coinbase's CEO Armstrong refused to abide for obvious reasons, citing "We really didn't have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US...It kind of made it an easy choice... let's go to court and find out what the court says."
Now if we are to believe Coinbase, then the ball was in their court and the reason the lawsuit eventually took place is because they had nothing to lose anymore and pretty much decided to try their luck in the courtroom. I mean come on, effectively delist everything and become Bitcoinbase where one could only trade Bitcoin? Granted, there will actually always be a market for that but this is not what people like Armstrong are after, so this made him decide to "let's go to court and find out what the court says."
We know they also sued Binance, but god only knows what insane demands and organized crime type "deals" they offered them before eventually making the lawsuit public knowledge. On a separate note, is this the way the law and government agencies operate over there? It's almost ironic because Gensler called the crypto world "the wild West which undermines trust", but looking at this and the way his criminal organization dubbed the SEC operates it's debatable who exactly represents this "wild West".
In closing, I'm not saying this makes every other crypto out there a liability. After all, what does the SEC know. But this does shed some light on their attitude and possible future plans towards Bitcoin. Or does it??? Nothing is certain really because if there's one thing we've learned form all this, it's that the wild West SEC and it's lone gunmen Gensler are not to be trusted with even a single Sat.
