The SEC has rejected a rulemaking petition submitted by Coinbase's representatives.

According to a BlockBeats report on December 15th, the U.S. Securities and Exchange Commission (SEC) rejected a petition submitted by Coinbase Global, Inc. for three reasons. Firstly, current laws and regulations apply to the cryptocurrency securities market. Secondly, the SEC also deals with the cryptocurrency securities market through rulemaking. Thirdly, it is important to maintain the Commission's freedom of discretion in setting its own rulemaking priorities. The SEC stated that current laws and regulations already apply to the cryptocurrency securities market, and there is no evidence to suggest that investors and issuers should not enjoy the protection provided by securities laws.