Why was Coinbase's petition rejected by the SEC?

Could you please elaborate on the reasons behind the SEC's rejection of Coinbase's petition? I'm particularly interested in understanding the specific regulatory concerns or issues that led to this decision. Was it a matter of insufficient disclosures, a violation of certain securities laws, or perhaps something else entirely? Could you provide more clarity on the SEC's position and what Coinbase might need to do to address these concerns in the future? Thank you for your insights.