Crypto

SEC rejects Coinbase petition on cryptocurrency and digital asset regulations

SEC rejects Coinbase petition on cryptocurrency and digital asset regulations

The cryptocurrency exchange has failed in its attempt to have the SEC develop guidance

On December 15, the US Securities and Exchange Commission (SEC) denied cryptocurrency exchange Coinbase Global’s petition to issue rules handling digital assets. Chairman Gary Gensler repeated his stance that “no further regulation is needed to oversee the crypto market.”

“The current securities regime appropriately governs crypto asset securities,” Gensler said in a statement on December 15. “I agree with the commission’s decision to deny the petition.”

Coinbase filed the Petition for Rulemaking in July 2022, asking that the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.”

Many in the digital asset sector and various lawmakers in Washington have expressed that figuring out how existing laws apply to the crypto industry is a difficult task and have continually asked for more transparency. In the petition, Coinbase declared the US lacks “a functioning market in digital asset securities due to the lack of a clear and workable regulatory regime.”

Paul Grewal, chief legal officer at Coinbase, recently said that the company plans to retake legal action against the SEC. “With appreciation for the Third Circuit, later today we’ll again seek its help by challenging the SEC’s abdication of its duty,” wrote Grewal, referring to Coinbase’s lawsuit filed in April, which requested the 3rd US Circuit Court of Appeals in Philadelphia force the agency to decide on the petition.

“We should be working together to create laws and rules that will benefit consumers and US innovation, not defending lawsuits based on legal positions that change month after month,” added Grewal.

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