Cryptocurrency Q&A
Why did the SEC not propose new crypto rules?
Why did the SEC not propose new crypto rules?
CryptoGladiatorGuard
Sat Jun 15 2024
|
7 answers
2095
Could you possibly explain to me why the Securities and Exchange Commission, known as the SEC, seemingly refrained from introducing fresh regulations pertaining to cryptocurrencies? It seems like with the rapid expansion and increasing popularity of digital assets, there would be a need for updated and clearer guidelines. Is it a matter of resources, priority, or perhaps a cautious approach, given the volatile and innovative nature of the crypto market? I'm curious to understand the reasons behind this decision and how it might affect investors, innovators, and the crypto ecosystem at large.
7 answers
Giuseppe
Mon Jun 17 2024
Coinbase, a leading cryptocurrency exchange, had advocated for the revision of regulations, arguing that the current framework poses undue challenges to the industry's growth and innovation. The company believed that updated rules were necessary to foster a more conducive environment for cryptocurrency transactions.
Was this helpful?
367
81
SamsungShineBrightnessRadianceGlitter
Mon Jun 17 2024
However, the commission disagreed, viewing the existing regulations as sufficient and appropriate for the crypto sphere. They did not find compelling evidence to support Coinbase's claim that the regulations were unworkable.
Was this helpful?
256
35
BonsaiStrength
Mon Jun 17 2024
In response to the commission's decision, Coinbase expressed disappointment and announced its intention to file a petition for review in court. The company believed that its arguments had been overlooked and that its position deserved further consideration.
Was this helpful?
249
94
PearlWhisper
Mon Jun 17 2024
The SEC, upon receiving Coinbase's petition, carefully considered the matter. After a thorough review, the SEC rejected the petition, maintaining its original position that the existing regulations were suitable for the crypto sector.
Was this helpful?
249
20
TaekwondoMasterStrengthHonor
Mon Jun 17 2024
The five-member commission, voting 3-2, declared its decision to refrain from introducing fresh regulations. This choice was motivated by a fundamental disagreement with the assertion that existing regulations are "unworkable" for the crypto sector, as advocated by Coinbase.
Was this helpful?
350
84
Load 5 more related questions
