SEC Denies Coinbase's Request for Crypto-Specific Rules

The SEC has sought a court order to dismiss Coinbase's plea for clarity on crypto regulations, stating that the exchange's request for "extraordinary relief" should be denied. Coinbase had filed a petition in July 2022 urging the SEC to clarify whether existing regulatory frameworks for securities should extend to the cryptocurrency industry. The SEC's response marks the first time it has transparently communicated its stance on setting rules for the crypto industry. The ongoing conflict between Coinbase and the SEC escalated in March when Coinbase received a Wells notice from the SEC, indicating the regulator's intention to take legal action against the exchange.