SEC denies Coinbase's request for clarification on crypto rules.

The SEC has responded to Coinbase's petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will continue in the meantime. The SEC argued that it is under no obligation to meet the requirements of Coinbase outlined in its petition, while also arguing that the firm has called for a complex set of reforms and rule-making in an unreasonably short amount of time. Coinbase's chief legal officer expressed concerns over the SEC's response, asserting that they will happily continue overseeing the sector via regulation as enforcement.