Today the cryptocurrency market is focused on the SEC-Coinbase case. At this point, with the start of the trial, the first statements began to arrive.
In her post, Fox Business reporter Eleanor Terrett asked the SEC lawyer presiding over the case whether Bitcoin is “an effective currency because it replaces fiat money.”
Avoiding giving a clear answer to this question, the SEC lawyer argued that Bitcoin is different from other cryptocurrencies and said:
“Bitcoin is different from other cryptocurrencies.
What makes Bitcoin different is that it does not have an ecosystem, while this is different from other tokens.
Because when you buy a different token, you buy the whole ecosystem and the whole incentive.”
When Judge Failla asked the SEC lawyer whether #Bitcoin was “actually a currency as it replaces fiat currency” he avoided a direct answer and replied: “What makes Bitcoin different is that it doesn’t have an ecosystem whereas when you buy these other tokens don’t buy their…
– Eleanor Terrett (@EleanorTerrett) January 17, 2024
The SEC lawyer further stated that the SEC does not control all cryptocurrencies on Coinbase, but Bitcoin is the only non-securitized asset among the tokens on Coinbase.
*This is not investment advice.
