SEC Denies Coinbase’s Petition for Clear Crypto Regulation — Exchange Responds by Taking the Regulator to Court
The U.S. Securities and Exchange Commission (SEC) has rejected cryptocurrency exchange Coinbase’s petition for regulatory clarity in the crypto industry. SEC Chairman Gary Gensler backs his agency’s decision to deny Coinbase’s petition. In response, Coinbase has pursued legal action against the securities regulator to challenge this decision. Coinbase Challenging SEC’s Decision in Court The U.S. Securities and Exchange Commission (SEC) has denied Coinbase Global’s Petition for Rulemaking . The crypto exchange filed the petition in July last year, seeking regulatory clarity, including “potential rules to identify which digital assets are securities.” With no response from the SEC for 18 months, the crypto exchange escalated the matter to court, prompting the agency to respond with the denial on Friday. SEC Chair Gary Gensler issued a statement regarding the denial: I was pleased to support the Commission’s decision for three reasons. “First, existing laws and regulations apply