Golden Finance reported that the U.S. Securities and Exchange Commission (SEC) told the appeals court that cryptocurrency exchange Coinbase failed to prove on Monday night that regulators needed to create a new regulatory framework for the digital asset industry. Federal regulators asked the court to dismiss Coinbase's petition and request additional regulatory guidance for the crypto industry. The SEC said that the SEC has not made any decision on the petition and continues to consider the document. Coinbase submitted its initial petition to the SEC in July 2022, asking regulators to provide guidance on digital assets. Last month, the cryptocurrency trading platform filed a petition for an injunction with the U.S. Court of Appeals for the Third Circuit, asking it to force regulators to respond to the petition in an escalating legal dispute, and Coinbase submitted a response to the SEC's Wells notice in the same week.