SEC Revises Rules, Targets Digital Asset Exchanges and DeFi
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SEC Revises Rules, Targets Digital Asset Exchanges and DeFi
Liputan6.com, Jakarta The US Securities and Exchange Commission (SEC) on Friday, April 14, 2023 amended its proposed rules to emphasize that digital asset exchanges and decentralized finance (DeFi) platforms must register with regulators.
The SEC plan, which was first proposed in 2022, is meant to close regulatory loopholes created by platforms that offer trading in securities but are not registered as exchanges or brokers.
The agency’s revised plan adds specific language for digital assets, many of which regulators say fall within its scope.
Although the SEC’s original proposal made no mention of crypto, it is widely considered to apply to digital assets. That ambiguity led to a barrage of criticism from crypto firms including Coinbase Global Inc and Circle Internet Financial, as well as one of the agency’s own commissioners.
“Given how crypto trading platforms operate, many of them are currently exchanges, despite the reopening releases we are considering today,” SEC Chairman Gary Gensler said in a statement. .
Gensler added, investors in crypto markets should receive the same time-tested protection that securities laws provide in all other markets.
The SEC said the updated proposal would capture a small number of additional digital asset companies, about a dozen, whose platforms use specific communication protocols to match buyers and sellers.
Many of the platforms newly covered under the proposal will likely seek exemptions from the rules under the Alternative Trading System exemptions, SEC top economist Jessica Wachter said during a meeting Friday.
The agency said its current rules already cover larger exchanges trading tokens that the SEC deems to be securities.
Hester Peirce, one of the two SEC commissioners, said during a meeting Friday the proposal would only serve to protect incumbent players and described the agency as not interested in facilitating innovation and competition in financial markets.
The five-member commission approved the reopening proposal by a vote of 3-2 along party lines.
The SEC will provide comments for 30 days after the reopening notice is issued in the Federal Register before incorporating public feedback into the final version of the proposal. That version, in turn, must also be approved by a majority of the commission.
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SEC Revises Rules, Targets Digital Asset Exchanges and DeFi
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SEC Revises Rules, Targets Digital Asset Exchanges and DeFi
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