The U.S. Securities and Exchange Commission rejected Coinbase Global’s request for new regulations tailored specifically for the digital asset industry.

Coinbase had urged the SEC to create distinct rules for cryptocurrencies, but SEC Chair Gary Gensler has consistently opposed such proposals. Following Coinbase’s lawsuit against the SEC in April 2023 to prompt a response, the Commission responded on Friday, affirming that current securities laws are applicable to crypto markets. SEC Chair Gensler reiterated that existing laws already address the crypto securities market. Coinbase has yet to comment on the SEC’s decision.