SEC denies Coinbase's push for cryptocurrency regulation, calls it 'baseless'

Coinbase filed a petition with the U.S. Securities and Exchange Commission (SEC) to create a customized system of rules for digital assets, but the regulator rejected it. "The existing securities regime appropriately governs crypto-asset securities," chairman Gary Gensler said in a statement. In addition to believing that the SEC has sufficient authority under today’s laws, he said that the industry regulator is already involved in rule proposals that directly regulate cryptocurrency businesses, and that its enforcement division is also able to address inappropriate behavior. At the same time, he also made a third argument, which is that "it is important to maintain the Commission's discretion in setting its own rulemaking priorities." (Coindesk)