The Securities and Exchange Commission (SEC) has denied a rulemaking petition filed by Coinbase, a US-based crypto exchange. SEC Chair Gary Gensler supports the Commission’s decision, stating that existing laws and regulations already apply to the crypto securities markets. Gensler believes that the SEC addresses the crypto securities markets through rulemaking and emphasizes the importance of maintaining Commission discretion in setting its own rulemaking priorities.

Gensler’s comments come in response to recent enforcement actions and lawsuits against major crypto companies, including Coinbase, Binance, and Kraken, for alleged securities violations. Despite criticism from the industry, Gensler argues that the existing laws are sufficient for investor and industry player protection.

He asserts that most crypto assets are investment contracts and therefore subject to federal securities laws. While a US court ruled that XRP was not a security, subsequent lawsuits by the SEC have listed multiple tokens as unregistered securities.

Gensler disagrees with Coinbase’s assertion that now is the right time for a change to the rulemaking. He believes that ongoing crypto-related cases and undertakings will inform whether a change to the regulatory regime is necessary.

In a separate statement, SEC Commissioners Hester Peirce and Mark Uyeda express their disagreement with the Commission’s decision. They argue that the petition raises important issues related to new technologies and that addressing them is a core part of being a responsible regulator.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	Hester Peirce, Mark Uyeda, Gary Gensler
Companies	FTX, Binance, SEC, Kraken, Coinbase
Currencies	XRP
Securities	None