SEC Rejects Coinbase's Rulemaking Petition, Insists Current Laws Are Applicable
Portfolio Pulse from Murtuza Merchant
The SEC has rejected Coinbase Global Inc.'s petition for rulemaking regarding a clearer regulatory framework for digital assets. Coinbase had submitted a 30-page document to the SEC, which was initially ignored until Coinbase sought judicial intervention. SEC Chair Gary Gensler supported the rejection, stating that current securities laws apply to crypto markets, the SEC is proactive in addressing crypto through rulemaking, and the SEC prioritizes maintaining discretion in its rulemaking agenda.
December 15, 2023 | 5:24 pm
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Coinbase's petition for clearer crypto regulations has been rejected by the SEC, which insists that existing securities laws are sufficient. This could impact Coinbase's operations and its approach to compliance.
The SEC's rejection of Coinbase's petition for rulemaking is a direct regulatory setback for the company, which may face ongoing uncertainty and compliance challenges in the crypto market. This could negatively affect investor sentiment and the company's stock price in the short term.
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