© Reuters. A illustration of the cryptocurrency is seen in entrance of Coinbase brand on this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photograph
WASHINGTON (Reuters) – The U.S. Securities and Change Fee on Friday denied a petition by the nation’s largest crypto trade Coinbase (NASDAQ:) International asking the company to create new guidelines for the digital asset business.
Coinbase in 2022 pressed the SEC to create a bespoke algorithm for the crypto sector, which has lengthy stated present U.S. securities legal guidelines are insufficient for regulating the nascent business. However SEC Chair Gary Gensler has repeatedly rejected such claims.
Nonetheless ready on a response from the SEC, Coinbase in April 2023 sued the company, asking a choose to pressure the SEC to reply to its petition.
The SEC issued that call on Friday, saying in a letter to Coinbase’s chief authorized officer Paul Grewal that the Fee disagrees present securities laws and legal guidelines are “unworkable” for the crypto sector.
“Existing laws and regulations apply to the crypto securities markets,” SEC Gary Gensler stated in a press release supporting the choice.
Coinbase didn’t reply instantly to request for touch upon the SEC’s denial.
