SEC looking to leave effort that requires crypto companies to register as exchanges
A suggested change of rule that drives for some crypto companies to register because the exchanges may be left under a new directive from the acting chairman of the US Securities and Exchange Commission.
In a March 10 speech at the Institute of International Bankers’ Washington Conference, acting sec chairman mark uyeda Says He has “asked SEC staff for abandoned options” part of the proposed changes that will expand the regulation of alternative trading systems (ATS) to include crypto companies.
“In connection with the significant negative comment of the public received in the sense of exchange with respect to crypto, I asked the SEC staff for abandoning options in part of the proposal,” he said.
“In my view, it was a mistake for the commission to put together regulation of Treasury markets with a heavy attempt to overthrow the crypto market.”
Uyeda It is said that the rule was first made in 2020 under former SEC Chairman Jay Clayton to establish more straightforward policies for alternative trading systems; The guide is intended to further affect participants in the US Treasury market.
However, when it fell to the former Sec chair gary gensler To implement the rule, he took a “different strange direction” by expanding the list beyond the ATSS.
“Instead of focusing on narrow issues related to government security security, a new rule of the rule was suggested in 2022 to redefine the regulation of an exchange,” Uyeda said.
“The new definition of term exchange includes communication protocols without clearly specifying what that term means. Effectively, the broadly expanded meaning of an exchange will take different protocols used with respect to crypto assets,” he added.
Related: Coinbase found flawed analysis on the proposed SEC exchange definition
Gensler’s time with the SEC has a aggressive bearing regulation toward crypto.
He brought up 100 regulation actions against companies from 2021 until his resignation on January 20, the same day that Donald Trump began his second term as president of the United States. Trump Promised to burn Gensler If elected.
After the resignation of the genler, the SEC has since created a new more friendly approach to crypto. A growing number of companies faced with legal action from the regulator has eliminated their cases, including Crypto Exchange Gemini In Feb. 26, Kraken on March 3 and crypto trading firm Cumberland DRW on March 4.
Meanwhile, the agency also has Launched a Crypto Task Force dedicated In developing a framework for digital assets led by crypto-friendly commissioner Hester Peirce.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
