In 2023 the SEC denied Coinbase's petition to create new rules for the crypto industry on the base that existing rules already apply and resources must be prioritized

Claim

Name

In 2023 the SEC denied Coinbase's petition to create new rules for the crypto industry on the base that existing rules already apply and resources must be prioritized

Types

Quotes that support claims

The SEC later denied the request for new rules, and SEC Chair Gary Gensler said that existing rules already apply to crypto. Gensler also said at the time that an important part of the SEC's responsibility is figuring out how to divvy resources. He emphasized that the crypto market is small compared to the rest of the capital markets, which the agency oversees

The SEC denied Coinbase’s petition in 2023, prompting the exchange to appeal to the Third Circuit. According to Judge Thomas Ambro, the SEC’s order denying Coinbase’s request for crypto rules was “conclusory and insufficiently reasoned, and thus arbitrary and capricious.”

Referenced by

The timeline of Coinbase petition

Crypto news