Reuters: US SEC says no to new cryptocurrency rules

[pawel7777]

https://www.reuters.com/technology/us-sec-denies-coinbase-petition-crypto-rulemaking-2023-12-15/

The U.S. Securities and Exchange Commission on Friday denied a petition by Coinbase Global seeking new rules from the agency for the digital asset sector, which the country's largest crypto exchange then sought to challenge in court.

The five-member commission, in a 3-2 vote, said it would not propose new rules because it fundamentally disagreed that current regulations are "unworkable" for the crypto sphere, as Coinbase has argued. Coinbase later said it had filed a petition for review of the SEC's decision in court.

The dispute was the latest in a broader tug-of-war between the crypto sector and the top U.S. markets regulator, which has repeatedly said most crypto tokens are securities and subject to its jurisdiction. The agency has sued several crypto companies, including Coinbase, for listing and trading crypto tokens which it says should be registered as securities.

"Existing laws and regulations apply to the crypto securities markets," SEC Chair Gary Gensler said in a separate statement supporting the decision.