SEC Refutes Need for New Crypto Regulations Amid Coinbase Dispute

SEC's Stance on Crypto Regulation

The US Securities and Exchange Commission (SEC) has expressed its position in a countermotion against Coinbase's proposal for a new crypto regulatory framework. The SEC insists that existing securities laws are adequate for the cryptocurrency market, countering Coinbase's July 2021 petition for crypto-specific regulations.

Understanding the Legal Debate

Coinbase's quest for specialized crypto regulations has led to legal proceedings, with the SEC emphasizing the sufficiency and historical application of existing securities laws to the crypto industry. The SEC has maintained its regulatory authority over cryptocurrencies, dismissing the need for creating additional rules.

Crypto Market Pulse

While the legal contest continues, the broader crypto market has seen marginal gains. Major digital currencies like Solana (SOL) and Binance Coin (BNB) have experienced slight increases, with Bitcoin trading at around $60,980.5 despite a recent drop.