SEC denies Petition for Rulemaking filed on behalf of Coinbase

The Securities and Exchange Commission denied a Petition for Rulemaking filed on behalf of Coinbase Global, said Chair Gary Gensler. He added, “I was pleased to support the Commission’s decision for three reasons. First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well. Third, it is important to maintain Commission discretion in setting its own rulemaking priorities…The investing public benefits when they receive disclosures and related protections about a project’s prospects and business. The investing public benefits when intermediaries are registered and overseen. The investing public benefits when all industry participants compete on a level playing field. The existing securities regime appropriately governs crypto asset securities. I agree with the Commission’s decision to deny the petition.”