The U.S. Securities Exchange Commission (SEC) has responded to Coinbase's petition for clear crypto regulation, stating that any rulemaking may take years and that enforcement actions will suffice in the meantime. The SEC argued that it is not obligated to meet Coinbase's requirements and that the firm has called for a complex set of reforms and rule-making in a short amount of time. Coinbase's chief legal officer, Paul Grewal, said that the SEC's response has added further confusion to the vague treatment of crypto in the U.S. and that there is still a lot left needing clarification. The SEC also distanced itself from the comments and views of its chair Gary Gensler, who has been adamant that there are already sufficient rules in place.