SEC Denies Coinbase Request for New Crypto Regulation
The Securities and Exchange Commission has rejected cryptocurrency exchange Coinbase's request for new digital asset regulation, arguing that current rules already apply.
SEC Chairman Gary Gensler said Friday that he supported the decision, in part because existing laws already apply to cryptocurrencies.
"Therefore, to the extent that cryptoassets are offered and sold in the form of an investment contract, and to the extent that entities intermediate transactions in cryptoasset securities, the federal securities laws apply." Gensler said in a statement.
"As I said before the collapse of one of the largest non-compliant crypto brokers that cost investors billions of dollars, meaningful engagement with the SEC is always welcome, and I look forward to working with crypto projects and brokers that want to comply with the law," Gensler continued.
Coinbase in April sued the SEC to get a response to its regulatory request it filed in 2022.
