Companies • December 15, 2023, 9:56AM EST
Published 1 minute earlier on
Quick Take
- SEC Chair Gary Gensler said he supported the decision, in part because existing laws apply to crypto.
The Securities and Exchange Commission has denied crypto exchange Coinbase's request for new digital asset regulation, arguing that current rules already apply. SEC Chair Gary Gensler said Friday that he supported the decision, in part because existing laws already apply to crypto. "Thus, to the extent that crypto assets are offered and sold in the form of an investment contract, and to the extent that entities intermediate transactions in crypto asset securities, the federal securities laws apply," Gensler said in a statement. "As I said prior to the collapse of one of the largest noncompliant crypto intermediaries that cost investors billions of dollars, meaningful engagement with the SEC is always welcome, and I look forward to working with crypto projects and intermediaries that wish to comply with the law," Gensler continued. Coinbase in April sued the SEC to get a response to its request for rulemaking that it made in 2022. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.'Noncompliant crypto intermediaries'
About Author
Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.
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