Gary

The U.S. Securities and Exchange Commission (SEC) made a crucial decision within the cryptocurrency industry, formally declining a petition from Coinbase, a prominent cryptocurrency exchange. This petition aimed to persuade the SEC to create specific rules for digital assets, but it was rejected, reinforcing the SEC’s belief in applying current securities laws to the crypto sector. 
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 Today the SEC denied Coinbase’s petition for rules for crypto. After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we'll again seek its help by challenging the SEC’s abdication of its duty. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/tFjiW53eF7">pic.twitter.com/tFjiW53eF7</a>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1735716481541996640?ref_src=twsrc%5Etfw">December 15, 2023</a>
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SEC Chairman Gary Gensler, in the decision’s statement, emphasized how the existing securities framework adequately governs crypto asset securities. He argued that these laws provide enough power to regulate the industry, mentioning ongoing efforts in proposing rules directly for crypto businesses and the enforcement division’s role in addressing sector misconduct. Gensler also stressed the SEC’s preference for a flexible approach to cope with the rapidly changing crypto market. 
Coinbase had been pressuring for change since 2022 before facing legal challenges as an unregistered securities exchange. Seeking intervention from a federal court earlier this year, the company’s petition has now been officially addressed by the SEC. 
The SEC’s concise response, spanning two pages, concluded that the requested rulemaking was currently unnecessary and not unanimously supported. Commissioners Hester Peirce and Mark Uyeda opposed the denial, advocating for industry-led proposals for rule changes, guidance, and exemptions. They highlighted ongoing dialogues as vital for the U.S. crypto industry’s growth. 
This decision contrasts with broader efforts by crypto lobbyists in Washington aiming to establish a clearer regulatory framework. While legislative attempts showed progress this year, none have been finalized. The SEC’s stance indicates reluctance to adopt specific rules for securities in the industry. 
Coinbase CEO Brian Armstrong celebrated a minor victory, stating, “Nice small win. We went to court to challenge the SEC’s refusal to create clear rules for the industry – and it worked (a court compelled them to respond.)” He highlighted the importance of this response as it allows them to challenge the SEC’s stance in court, a move that inches them closer to gaining regulatory clarity. 
Armstrong’s query echoed the sentiment of many in the industry: “The question is why doesn’t the SEC want to clarify outstanding regulatory questions for the crypto industry?” This resonates with the frustration surrounding the SEC’s reluctance to provide definitive guidelines, prompting continued legal challenges to seek clarity in an evolving regulatory landscape. 
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 Nice small win. We went to court to challenge the SEC’s refusal to create clear rules for the industry – and it worked (a court compelled them to respond). Now that they've formally responded (with a no!) we can challenge their response in court, which helps us get one step… <a href="https://t.co/3RcTk1OVcp">https://t.co/3RcTk1OVcp</a>— Brian Armstrong 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1735835792659124366?ref_src=twsrc%5Etfw">December 16, 2023</a>
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The Financial Stability Oversight Council, including the SEC chairman, recognized in its annual report the necessity for Congress to introduce regulations for the crypto sector. This acknowledgment reflects growing federal-level awareness of the unique aspects of digital assets. 
The SEC’s decision solidifies its approach to regulate the dynamic crypto sector within the existing securities framework. While the industry evolves, the SEC’s stance underlines the importance of navigating current legal boundaries, despite increasing demands for tailored regulations. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/114313/sec-rejects-coinbases-call-for-specific-crypto-rules/">SEC Rejects Coinbase’s Call for Specific Crypto Rules</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

SEC Rejects Coinbase’s Call for Specific Crypto Rules

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