Coinbase petitions court to review SEC denial of its request for crypto rules

FILE PHOTO: A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Coinbase filed a petition in a federal appeals court requesting a review of a decision by the U.S. Securities and Exchange Commission to deny the crypto exchange's request for new rules for the digital asset sector.

The five-member commission, in a 3-2 vote, said Friday it would not propose new rules because it fundamentally disagreed that current regulations are "unworkable" for the crypto sphere, as Coinbase has argued.

(Reporting by Hannah Lang in Washington)