SAN FRANCISCO: Coinbase filed a petition in a federal appeals court requesting a review of a decision by the U.S. Securities and Exchange Commission to deny the crypto exchange's request for new rules for the digital asset sector.

The five-member commission, in a 3-2 vote, said Friday it would not propose new rules because it fundamentally disagreed that current regulations are "unworkable" for the crypto sphere, as Coinbase has argued.