1 year ago
On Dec. 15, the U.S. Securities and Exchange Commission (SEC) denied a petition from the cryptocurrency speech Coinbase, which had requested the improvement of caller rules for integer plus securities
In a response letter to Coinbase, the SEC said it “concludes that the requested rulemaking is presently unwarranted and denies the Petition.” The determination comes aft astir 18 months of back-and-forth betwixt Coinbase and the securities regulator.
Coinbase originally petitioned the SEC successful July 2022, asking the bureau to make a “new regulatory framework” for crypto plus securities done its ceremonial rulemaking process. The speech argued existing SEC rules are “both incomplete and unsuitable” for integer plus securities that run connected blockchain technology.
‘Crypto plus securities’
But successful its denial letter, the SEC said it “disagrees with the Petition’s assertion that exertion of existing securities statutes and regulations to crypto plus securities…is unworkable.
The rejection of a specialized crypto model aligns with SEC Chair Gary Gensler‘s consistent view that astir crypto assets autumn nether long-established capitalist extortion rules, which helium has repeatedly emphasized.
The bureau said it presently has nary plans to undertake the “discretionary rulemaking of important scope to make a ‘new regulatory framework’ for crypto plus securities,” arsenic the archetypal petition. It cited different ongoing SEC initiatives that whitethorn pass whether aboriginal regularisation changes are warranted, writing:
“Moreover, the Commission has discretion to find the timing and priorities of its regulatory agenda, including with respect to discretionary rulemaking specified arsenic that requested successful the Petition.”
Before the SEC outright rejected its rulemaking petition connected Thursday, Coinbase had taken legal action against the securities regulator, aiming to unit a response. In April 2023, the speech filed a suit to compel the SEC to officially judge oregon cull a petition primitively submitted successful July 2022. As of today’s development, that petition has been answered.
The station SEC denies Coinbase’s petition for caller crypto plus rules appeared archetypal connected CryptoSlate.
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