The US Securities and Exchange Commission on Friday opted to deny Coinbase’s petition for rulemaking, an outcome industry members find disappointing but not shocking. 

“The denial of Coinbase’s petition for rulemaking was expected by the crypto legal bar and likely Coinbase, as well, given the SEC’s repeated stance that there are already clear rules in place for the industry,” Margaret Rosenfeld, chief legal officer at Cube.Exchange, said. 

Still, the denial sends an inconsistent message to the crypto industry, Mike Selig, counsel in the asset management department at Willkie Farr and Gallagher, said. 

“The SEC rejected the petition stating that it has other regulatory…

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