SEC Rejects Coinbase's Request for Custom Crypto Regulations

The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase's petition for tailored regulations for cryptocurrencies, stating that the existing securities regime is sufficient. The SEC argues that it already has the authority to regulate crypto assets and has been engaging in rule proposals and enforcement actions. Two of the five commissioners disagreed with the decision. Coinbase had sought a response from the SEC since 2022 and even filed a lawsuit to force a reply. While the SEC opposes tailored rules, the wider Financial Stability Oversight Council has concluded that Congress should intervene with crypto regulations.