Gary Gensler, the Chair of the US Securities and Exchange Commission, has rejected Coinbase's request for the agency to propose and adopt rules for digital assets. Gensler stated that rules governing exchanges, broker dealers, advisers, custodying assets and how to register securities offerings already exist. He added that there is nothing about a new technology that makes it inconsistent with public policies. Coinbase filed a petition in July 2022 asking for the agency to propose and adopt rules for digital assets, while criticizing its "enforcement-first approach." The petition garnered support from the US Chamber of Commerce.