SEC Rejects Coinbase's Appeal for Tailored Crypto Regulations

SEC Rejects Coinbase's Appeal for Tailored Crypto Regulations

By: Eva Baxter

In a significant decision, the U.S. Securities and Exchange Commission (SEC) has declined the petition put forward by renowned cryptocurrency exchange, Coinbase, for the instituting of new rules to govern digital asset securities. This decision came as a conclusion to nearly a year and a half of deliberations between the two entities.

Coinbase had originally filed this petition with the SEC in July 2022, suggesting the creation of a specific regulatory framework for crypto asset securities. However, the regulatory body has held that the current securities regulations can be applied successfully to crypto assets. It indicated that there were no plans at present to institute the "discretionary rulemaking of substantial scope" as desired by Coinbase.

New changes in regulations, if required, would likely be based on information sourced from other ongoing SEC initiatives. Furthermore, SEC's ruling is consistent with the Chair Gary Gensler's viewpoint that existing investor protection rules across most crypto assets are adequate.

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