The US Securities and Exchange Commission denied Coinbase’s 2022 petition for rulemaking on Friday.

The SEC opposes the petition’s view that using existing securities laws to enforce crypto regulation is “unworkable.”

“The Commission has discretion to determine the timing and priorities of its regulatory agenda, including with respect to discretionary rulemaking such as that requested in the Petition,” the SEC wrote.

Gary Gensler, Chair of the Commission, said that he agrees with the Commission’s denial.

“I disagree with the petition’s assertion that now is the right time for the regulatory action it suggests. The Commission and its staff are currently pursuing…

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