{"id":25091,"date":"2023-12-15T17:08:05","date_gmt":"2023-12-15T17:08:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-denies-rulemaking-petition-filed-by-coinbase\/"},"modified":"2023-12-15T17:08:05","modified_gmt":"2023-12-15T17:08:05","slug":"sec-denies-rulemaking-petition-filed-by-coinbase","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-denies-rulemaking-petition-filed-by-coinbase\/","title":{"rendered":"SEC denies rulemaking petition filed by Coinbase"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677616442064-087d938f-c458-402c-a9c8-5afc4710c94c-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677616442064-087d938f-c458-402c-a9c8-5afc4710c94c-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677616442064-087d938f-c458-402c-a9c8-5afc4710c94c-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1677616442064-087d938f-c458-402c-a9c8-5afc4710c94c-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">The Securities and Exchange Commission (SEC) has denied the rulemaking petition filed by Coinbase.<\/li>\n<li dir=\"ltr\">SEC Chair Gary Gensler says current laws enough for investor proections.<\/li>\n<li dir=\"ltr\">Commissioners Hester Peirce and Mark Uyeda have released a statement disagreeing with the Commission\u2019s decision.<\/li>\n<\/ul>\n<p dir=\"ltr\">The Securities and Exchange Commission (SEC) has denied a crypto rulemaking petition filed by US-based crypto exchange <a href=\"https:\/\/coinjournal.net\/news\/tag\/coinbase\/\">Coinbase<\/a>.<\/p>\n<p dir=\"ltr\">SEC Chair Gary Gensler said in a <a href=\"https:\/\/www.sec.gov\/news\/statement\/gensler-coinbase-petition-121523\" rel=\"noopener noreferrer\" target=\"_blank\">statement<\/a> published on Friday that he supports the Commission\u2019s decision. He cited three reasons for his outlook on the agency\u2019s latest course of action in relation to the quest for clear regulatory rules.<\/p>\n<p dir=\"ltr\">\u201c<em>I was pleased to support the Commission\u2019s decision for three reasons<\/em>,\u201d Gensler stated.\u00a0<\/p>\n<p dir=\"ltr\">\u201c<em>First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well. Third, it is important to maintain Commission discretion in setting its own rulemaking priorities.<\/em>\u201d<\/p>\n<h2 dir=\"ltr\">Gensler says current laws apply to crypto<\/h2>\n<p dir=\"ltr\">The SEC Chair\u2019s comments, on the back of the government agency\u2019s push back against new tailor-made crypto rules, follows recent enforcement actions and lawsuits against major crypto companies and players for alleged securities violations.\u00a0<\/p>\n<p dir=\"ltr\">These include Coinbase, <a href=\"https:\/\/coinjournal.net\/news\/sec-sues-binance-and-cz-for-breaking-us-securities-rules\/\">Binance<\/a> and <a href=\"https:\/\/coinjournal.net\/news\/sec-charges-kraken-with-unregistered-operations-and-fund-mixing\/\">Kraken<\/a> among others.<\/p>\n<p dir=\"ltr\">Meanwhile, the industry, in the wake of the collapse of crypto exchange FTX, has accused the SEC of doing nothing to protect investors amid its crackdown on exchanges. But Gensler says the existing laws are sufficient for investor and industry players\u2019 protection.<\/p>\n<p dir=\"ltr\">\u201c<em>There is nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws. Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Instead, Congress included a long list of 30-plus items in the definition of a security, including the term \u201cinvestment contract\u201d<\/em>,\u201d the SEC Chair noted.<\/p>\n<p dir=\"ltr\">Gensler has maintained that most crypto assets are investment contracts and therefore subject to federal securities laws. This year, a US court declared that XRP, which the Commission alleged to be a security, was not. But despite the<a href=\"https:\/\/coinjournal.net\/news\/xrp-rallies-after-major-ripple-labs-legal-wins\/\">\u00a0legal losses against Ripple<\/a>, subsequent lawsuits by the watchdog have listed multiple tokens as unregistered securities.<\/p>\n<p dir=\"ltr\">Noting that the SEC\u2019s rulemaking as it addresses crypto securities, Gensler said he disagrees with Coinbase\u2019s assertion that \u201cnow is the right time\u201d for a change to the rulemaking.<\/p>\n<p dir=\"ltr\">According to the SEC Chair, several crypto-related cases and undertakings are underway and results of these could inform whether or not a change to the regulatory regime is needed.<\/p>\n<p dir=\"ltr\">In a separate <a href=\"https:\/\/www.sec.gov\/news\/statement\/peirce-uyeda-petition-121523\" rel=\"noopener noreferrer\" target=\"_blank\">statement<\/a>, SEC Commissioners Hester Peirce and Mark Uyeda said they \u201cdisagree with the Commission\u2019s decision.\u201d\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Commissioner Uyeda and I responded to today&#8217;s denial of Coinbase&#8217;s rulemaking petition: <a href=\"https:\/\/t.co\/uBC9Bujhqd\">https:\/\/t.co\/uBC9Bujhqd<\/a><\/p>\n<p>\u2014 Hester Peirce (@HesterPeirce) <a href=\"https:\/\/twitter.com\/HesterPeirce\/status\/1735689794661847185?ref_src=twsrc%5Etfw\">December 15, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">The two Commissioners note that the petition raises key issues related to new technologies and that addressing them is \u201ca core part of being a responsible regulator.\u201d<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/sec-denies-rulemaking-petition-filed-by-coinbase\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The Securities and Exchange Commission (SEC) has denied the rulemaking petition filed by Coinbase. SEC Chair Gary Gensler says current laws enough for investor proections. Commissioners Hester Peirce and Mark Uyeda have released a statement disagreeing with the Commission\u2019s decision. The Securities and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25091"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25091"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25092"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}