Why Is Coinbase Removing These Tokens in NY?
Why Is Coinbase Removing These Tokens in NY?
The crypto market didn’t panic over the news. Instead, after Coinbase’s announcement, prices for these tokens went up. According to Coinbase, the decision comes as part of its standard review process.
They provided only that announcement, while specialized personnel predicted possible legal repercussions. Ariel Givener relates the current New York legal dispute to this situation. As a company, they have not released an official communication about this matter.
The Timing Is Interesting
Coinbase introduced new tokens at a time that supports its ongoing project expansion. In November 2024, FLOKI became listed on Coinbase, leading to a five-month price high. The Coinbase integration of TURBO and GIGA in December 2024 led to respective price rises of 15% and 37% in the market. The “Coinbase Effect” boosts token prices upon listing but causes them to cool down later.
Memecoins Are Changing the Crypto Game
Memecoins, once seen as fun projects, have become serious business. The Solana-based platform Pump.fun generated 8.5 million meme tokens after starting operations in January 2024. The SEC says memecoins aren’t securities as they lack passive income or ownership. This means they fall outside the SEC’s regulatory control—at least for now.
What’s Next?
All New York Coinbase users will no longer have access to the tokens, but other locations can continue their usual trading. According to MEXC COO Tracy Jin, memecoins will upgrade the DeFi space, yet investors need to study these tokens and prepare for unpredictable market conditions.
