As you may know if you have been reading some of my articles, I have been paying attention to the legal battle between cryptocurrency and the SEC.

Now, I started my journey looking into cryptocurrency a few months shy of two-years ago. I am not a cryptoholic, a crypto-junkie, or one who blindly believes in cryptocurrency.  However, I do believe the SEC is in the wrong, and will look bad in the end when it comes to cryptocurrency. I have written about why in many posts prior. I will not go into them today.

What I am talking about is this article: https://www.reuters.com/technology/us-sec-denies-coinbase-petition-crypto-rulemaking-2023-12-15/

In the article it talks about how in 2022 Coinbase asked the SEC to come up with a specific set of rules for cryptocurrency as they apparently believed the current financial rules at the SEC do not meet the needs of the cryptocurrency market. Today, 12-15-2023 the SEC denied Coinbase's request to create rules specifically for cryptocurrency.

Now, I am not a legal expert. What I am is a realist, one who makes an attempt to see things objectively.  What I can't figure out is why the SEC will not create these rules. Why not?  They are already making things up as they go, they are picking all willy nilly like certain cryptocurrency coins and tokens and labeling them as securities and others not.  They have lost, at least in part their case against Ripple Labs. This does not look good for the SEC. Even if they do not want to do it because legal challenges would follow, they are there anyhow. They are supposed to protect the market and Coinbase looks good in asking for guidance. Something a criminal enterprise would not do (I see you Binance and FTX). I also see you Senator Warren.

A quote for the SEC chair Gensler on why they denied Coinbase's request was this ""Existing laws and regulations apply to the crypto securities markets." If they did, then everything would be settled and there would be no need to have the many bills in congress and the senate going through committees.

Again, I do not know what the future holds, but I believe crypto will be a large part of the future, and I am betting the SEC looks bad in the end when it comes to cryptocurrencies. I may be wrong, but we will see!