Coinbase Takes on US SEC's Rejected Crypto Regulations
The U.S. Securities and Exchange Commission (SEC) has denied a petition by Coinbase Global, the country's largest crypto exchange, seeking new rules for the digital asset sector. In a 3-2 vote, the SEC stated that it would not propose new rules as it disagreed with Coinbase's argument that current regulations are "unworkable" for the crypto sphere. Coinbase plans to challenge the decision in court and has notified an appeals court of its intention to seek judicial review. The dispute highlights the ongoing conflict between the crypto sector and the top U.S. markets regulator, with the SEC asserting that most crypto tokens are securities subject to its jurisdiction. Coinbase argues that existing laws and regulations are unclear and more work needs to be done to create rules that benefit consumers and U.S. innovation.
