The U.S. Securities and Exchange Commission (SEC) on Friday denied a petition by Coinbase Global seeking new rules from the agency for the digital asset sector, which the country's largest crypto exchange said it plans to challenge in court.
The five-member commission, in a 3-2 vote, said it would not propose new rules because it fundamentally disagreed that current regulations are "unworkable" for the crypto sphere, as Coinbase has argued. The firm later notified an appeals court that it plans to seek judicial review of the SEC's decision.
The dispute was the latest in a broader tug-of-war between the crypto sector and the top U.S. markets regulator, which has repeatedly said most crypto tokens are securities and subject to its jurisdiction. The agency has sued several crypto companies, including Coinbase, for listing and trading crypto tokens which it says should be registered as securities.
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