The US Securities and Exchange Commission (SEC) has rejected Coinbase’s request for customized crypto regulations, deeming it unjustified. Coinbase had submitted a petition to the SEC to initiate the drafting of comprehensive rules for cryptocurrencies, but the agency has refused approval after careful evaluation. SEC Chairman Gary Gensler stated that the current securities regime adequately regulates crypto-assets and that the SEC already has sufficient authority under current laws. He also highlighted the importance of maintaining the Commission’s discretion in defining its regulatory priorities. Coinbase had made this request in 2022 after being sued by the SEC for being an unregistered securities exchange.
Coinbase has recently announced the upcoming launch of a cryptocurrency spot trading platform to provide a more efficient trading experience for global users. The exchange claims to serve over 100 institutions and has reached a perpetual futures trading volume of approximately $10 billion in Q3. It has introduced perpetual futures for retail users on Coinbase Advanced, listing 15 contracts that cover a significant portion of the futures trading market. The expansion of spot trading will occur in phases, with BTC-USDC and ETH-USDC pairs already listed for non-US institutional clients. Coinbase is focusing on international expansion and plans to introduce more efficient and accessible products and services in the future.
Hot Take: SEC Rejects Coinbase’s Request for Customized Crypto Regulations
The US SEC has rejected Coinbase’s request for customized crypto regulations, stating that the current securities regime is sufficient to regulate crypto-assets. This decision comes after careful evaluation of Coinbase’s petition to initiate comprehensive rules on cryptocurrencies. Despite being sued by the SEC in 2022, Coinbase sought support from a federal court to obtain a response from the agency. However, the SEC has now rejected their claim that applying current laws and regulations on crypto-asset securities is impracticable. SEC Chairman Gary Gensler emphasized that maintaining the Commission’s regulatory discretion is crucial. Meanwhile, Coinbase is focusing on international expansion with its upcoming cryptocurrency spot trading platform.
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