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. 

'Noncompliant crypto intermediaries'

"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 …