On Friday, the Securities and Exchange Commission (SEC) rejected a petition by Coinbase urging the agency to create new rules for the digital asset industry. The crypto exchange’s petition noted the difficulty of applying old rules tailored for the banking industry to a new class of digital assets. That challenge was also highlighted this year in a string of SEC court losses in crypto cases.

“If Chairman Gensler’s primary concerns are consumer protections and combating fraud, he should work to shape enforceable crypto regulations that give domestic firms a path to compliance. Continued court losses protect no one and accomplish nothing,” said Chamber of Progress Financial Policy Director Janay Eyo. “It looks like Gensler is more interested in picking a political fight than creating a better financial marketplace.”

For more on the SEC’s missed opportunities on crypto regulation, read Chamber of Progress CEO Adam Kovacevich’s op-ed in American Banker, Skeptical about crypto? All the more reason to keep it in the U.S. Chamber of Progress has submitted amicus briefs in the SEC’s cases against Coinbase and Grayscale.

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Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future.  We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.  

Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.