SEC denies Coinbase request for crypto guidance, citing sufficient existing laws
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Coinbase filed a petition requesting the SEC provide guidance on crypto assets as securities, but the SEC denied the request, stating existing laws are sufficient.
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SEC Chair Gensler said the timing is not right for the rules proposed by Coinbase and the SEC is currently reviewing crypto regulations.
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Gensler said rulemaking is at the SEC's discretion when considering priorities and resources.
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SEC Commissioners Peirce and Uyeda released a statement criticizing the decision to deny Coinbase's petition.
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Coinbase is expected to sue the SEC over the denied petition.