The US Securities and Exchange Commission (SEC) rejected Coinbase’s application to clarify the rules for the cryptocurrency industry.
The SEC rejected the application made by Coinbase for three reasons. SEC Chairman Gary Gensler listed them as follows:
“First, existing laws and regulations apply to crypto securities markets. Second, the SEC also addresses crypto securities markets through rulemaking. Third, it is important to maintain the Commission’s discretion regarding its own priorities when making rules.”
Coinbase, the largest cryptocurrency exchange in the USA, launched a series of initiatives aimed at the cryptocurrency industry at the end of last month. does not introduce new rules He sent a letter to the appeals court against the SEC. Coinbase, SEC “did not provide information about this process” he suggested.
In the statement shared by the SEC, “As crypto assets are issued and sold as investment contracts, […] federal securities laws apply.” It was said.
“I look forward to working with crypto projects and brokers who want to comply with the law,” SEC Chairman Gensler said. said.