SEC Drops Plans Requiring Crypto Firms to Register as Exchanges
The US Securities and Exchange Commission (SEC) is contemplating dropping its plans to mandate registration for certain crypto firms as exchanges, according to Acting Chairman Mark Uyeda.
Speaking at the Washington Conference of the Institute of International Bankers on Monday, Uyeda disclosed that he has requested the SEC staff to explore options for withdrawing parts of the proposed changes that would expand the definition of alternative trading systems (ATSs) to encompass crypto exchanges.
“Due to the considerable negative public feedback on defining ‘exchange’ in relation to crypto, I have asked the SEC staff to consider options to abandon that portion of the proposal,” Uyeda stated. “I believe it was a mistake for the Commission to intertwine Treasury market regulation with a heavy-handed approach to the crypto market.”
Uyeda became the SEC’s acting chair after Gary Gensler’s resignation.
