WASHINGTON—Coinbase COIN -1.71% Global Inc. criticized the Securities and Exchange Commission for its approach to policing cryptocurrencies, raising questions about the regulator’s prospects of convincing the largest U.S. trading platform to adhere to its investor-protection rules.
SEC Chairman Gary Gensler, who has likened cryptocurrency markets to the Wild West, has repeatedly urged trading platforms such as Coinbase to register with the agency as securities exchanges. The companies have refused, and several—including Coinbase—are under SEC investigation.
“The Commission has yet to constructively engage with digital asset market participants on the design of a workable regulatory framework,” Coinbase said in a rule-making petition to the SEC it released Thursday. The firm added that the SEC’s failure to adapt its regulations to cryptocurrency markets leaves investors at risk, constrains investment and “is wholly inconsistent with the SEC’s mission.”
An SEC spokesman declined to...
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