SEC Rejects Coinbase’s Request for New Crypto Regulations

SEC’s Counterargument

The SEC has filed a countermotion against Coinbase’s petition for new crypto regulations. The SEC argues that:

  • Existing securities laws are sufficient to regulate crypto assets.
  • The SEC has not expanded its authority over crypto assets.
  • Enforcement actions against crypto-related businesses demonstrate the effectiveness of current laws.

Coinbase’s Petition

In July 2021, Coinbase requested that the SEC create new regulations for cryptocurrencies. The SEC denied this request, stating that existing laws were adequate.

Coinbase’s Appeal

Coinbase appealed the SEC’s decision to the US Third Court of Appeals. The SEC has now filed a countermotion with the court.

Crypto Market Update

  • The total crypto market value has increased by 0.19% in the last day, reaching $2.25 trillion.
  • Solana (SOL) and Binance Coin (BNB) have led the gains, rising by over 1%.
  • Bitcoin remains below $61,000 after a recent decline of 3.71%.