The SEC rejected Coinbase's petition to establish rules, stating that existing laws and regulations apply to the cryptocurrency securities market

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has rejected the petition for rulemaking submitted on behalf of Coinbase Global, Inc. It stated:

• First, existing laws and regulations apply to the cryptocurrency securities market.

• Second, the U.S. Securities and Exchange Commission also addresses issues in the cryptocurrency securities market through rulemaking.

• Third, it is very important to maintain the Commission's discretion when establishing its own rulemaking priorities.