U.S. SEC Denies Coinbase's Push for Crypto Regulations as 'Unwarranted'
Summary
The U.S. Securities and Exchange Commission (SEC) has rejected a petition by cryptocurrency exchange Coinbase for the creation of tailored rules for digital assets. SEC Chair, Gary Gensler, argued that the current securities legislation adequately covers crypto assets and that the SEC is already working on rules to regulate crypto businesses while maintaining its discretion in establishing its rulemaking priorities. The rejection follows a lawsuit against Coinbase by the SEC earlier this year for operating as an unregistered securities exchange. Gensler also made an indirect reference to a crypto broker using a special digital assets registration, implying this as a viable route for regulatory compliance.
