Before suing Coinbase, the SEC had requested it to stop all cryptocurrency trading except for Bitcoin

ChainCatcher news, according to the Financial Times, before suing Coinbase, the U.S. Securities and Exchange Commission (SEC) had requested that Coinbase cease all cryptocurrency trading except for Bitcoin. Coinbase CEO Brian Armstrong told the Financial Times that after the SEC made this suggestion, it filed a lawsuit against the Nasdaq-listed company last month for failing to register as a broker.

The SEC's case identifies 13 lesser-traded cryptocurrencies on the Coinbase platform as securities and claims that by offering these cryptocurrencies to customers, the trading platform falls under the jurisdiction of the regulatory agency.