SEC shoots down Coinbase petition for crypto rulemaking
By 
Kyle Brasseur2023-12-15T19:37:00
The Securities and Exchange Commission (SEC) denied a petition filed on behalf of cryptocurrency exchange platform Coinbase that called for the creation of a new regulatory framework for crypto asset securities.
On Friday, the SEC notified Coinbase Chief Legal Officer Paul Grewal of its decision regarding his call for cryptocurrency rulemaking. The agency’s response said it disagreed with Grewal’s belief the existing regulatory framework around crypto assets securities is unworkable.
“The commission is also engaged in many undertakings that relate to regulatory priorities extending well beyond crypto asset securities,” the agency’s letter to Grewal stated. “The requested regulatory action would significantly constrain the commission’s choices regarding competing priorities, and the commission declines to undertake it at this time.”
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