The US exchange had formally petitioned the agency to begin writing comprehensive crypto rules. But after “careful” consideration, the SEC said no. SEC Chairman Gary Gensler announced that the SEC rejected Coinbase’s petition for new crypto rulemaking. Gensler stated that he supports the decision in part because existing laws already apply to crypto.
SEC rejects Coinbase exchange’s petition
cryptokoin.comAs you follow from, US crypto exchange Coinbase has filed a petition with the Securities and Exchange Commission (SEC) to move towards a special system of rules for digital assets. In the latest development, the SEC rejected this petition on Friday.
Meanwhile, President Gary Gensler also made a statement along with the rejection decision. “The current securities regime appropriately governs cryptoasset securities,” Gensler said. said. He stated that the SEC has sufficient authority in today’s laws. Besides that, he said the industry watchdog has already proposed rules to directly regulate crypto businesses. Moreover, he stated that the enforcement department is also able to address wrongdoings. As a third argument, Gensler argued that “it is important for the commission to maintain discretion in determining its own rulemaking priorities.” Gensler continued his words as follows:
As I said before the collapse of one of the largest noncompliant crypto brokerages that cost investors billions of dollars, meaningful interaction with the SEC is always welcome. I also look forward to working with crypto projects and brokers who want to comply with the law.
Is the SEC’s perspective on spot Bitcoin ETFs changing?
After consistently refusing to approve a spot Bitcoin ETF for American investors over the years, there are indications that SEC chairman Gary Gensler may reconsider his position in light of Grayscale’s legal victory. Gensler does not publicly acknowledge any change in his stance. However, following recent court decisions, the spot has accepted a new look at a Bitcoin ETF. In an interview on CNBC’s “Money Movers,” Gensler said:
I think there are between eight and a dozen Bitcoin ETF applications. I am the chairman of a commission. I don’t prejudge anything. This process is currently ongoing. As you know, we have rejected some of these applications in the past. But courts in the District of Columbia have weighed in on the issue. We are revisiting this issue based on these court decisions.
In August, the District of Columbia Court of Appeals in Washington ruled that the SEC made the wrong decision by not approving Grayscale’s proposed Bitcoin ETF. This decision was of great importance for the industry that wanted to develop and establish such investment products. Despite the hostility towards the industry, the SEC chose not to appeal the court decision. This decision subsequently led to speculation that the SEC would reconsider Grayscale’s application.
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