The Crypto Roundup: 18 December 2023 | CryptoCompare.com

The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase’s request for tailored digital asset regulations, with SEC Chair Gary Gensler saying that the “existing securities regime appropriately governs crypto asset securities.”

In a statement issued with the denial, Gensler argued that the SEC has sufficient authority with today’s laws, and pointed out the regulator is already working on specific rules for the crypto industry and its enforcement division is actively addressing misconduct.

In 2022, Coinbase had urged the SEC for a response, after facing a lawsuit from the regulator for operating as an unregistered securities exchange. The SEC has maintained that current laws and regulations are sufficient for managing crypto asset securities, and concluded the request is “currently unwarranted.”

Coinbase’s Chief Legal Officer, Paul Grewal, expressed disappointment and announced plans to challenge this decision in court, adding that “no one looking fairly at our industry thinks the law is clear or that there isn’t more work to do.”

In his statement, Gensler highlighted that Coinbase’s petition refers to “digital asset securities” and the SEC’s authority over them, which to the regulator acknowledges “that crypto assets can be offered and sold as securities and subject to oversight by the SEC.”

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/18/