The SEC *gasp* has firmly denied $COIN‘s request for new crypto rules. 🙄
Gensler, not one to mince words, gave a three-part sermon on why the SEC is turning a cold shoulder to Coinbase’s crypto rulemaking petition. He argues that the existing laws and regulations fit the crypto world perfectly. Secondly, the SEC is already busy crafting rules in the crypto realm.
The SEC Chair also maintains that most crypto assets are, in essence, investment contracts and should be treated under federal securities laws. This stance holds, despite a U.S. court recently ruling XRP as not a security and the SEC continuing to list multiple tokens as unregistered securities in its legal crusades.
SEC Commissioners Mark Uyeda and Hester ‘Crypto Mom’ Peirce dissented. Peirce and Uyeda called for public roundtables, concept releases, and requests for comment to understand diverse perspectives in the market.
They highlighted the need to address issues arising from new technologies and innovations, viewing it as essential for responsible regulation. They suggested using the insights from public engagement to issue guidance or undertake necessary rulemaking. They expressed disappointment at the SEC’s reluctance to lead important conversations in the crypto space. 🤢