The US Securities and Exchange Commission (SEC) has rejected a request from cryptocurrency exchange Coinbase to develop regulatory rules for the cryptocurrency industry.
According to the head of the department, Gary Gensler, existing laws apply to the industry. There is nothing in it that would indicate the need to create new regulations, he added.
“Thus, to the extent that cryptoassets are offered and sold in the form of an investment contract, and to the extent that entities engage in intermediate transactions in cryptoasset securities, federal securities laws apply,” the statement said.
Gensler once again pointed out the presence of fraud and abuse in the industry and emphasized that the SEC welcomes cooperation with those who want to comply with the law.
“The current securities regime adequately regulates cryptoasset securities. “I agree with the Commission’s decision to deny the petition,” Gensler concluded.
In April, Coinbase filed a legal complaint seeking the SEC's response to the July 2022 petition. In it, the exchange demanded clarity in the regulation of the crypto industry.
Earlier, the American company received notice from the Commission of an investigation into the listing procedure on the platform and its products - Coinbase Prime, Coinbase Wallet and staking service.
filed a civil lawsuit in June . The commission accused Coinbase of making an unregistered securities offering of a range of tokens on its trading platform.
The exchange’s chief lawyer, Paul Grewal, called the SEC’s approach to regulating the cryptocurrency industry “undermining US competitiveness,” and Coinbase itself refused to change its business model due to the authorities’ claims.
The US Chamber of Commerce came out in support of the platform , accusing the Commission of “deliberately creating a dangerous and uncertain environment” for cryptocurrency companies in the country.
Let us remember that in November, the head of Coinbase, Brian Armstrong, complained about the lack of feedback from the SEC.
