SEC Acting Chair Reverses Agency Proposal on Cryptocurrency Trading Platforms in the U.S.

One of the U.S. Securities and Exchange Commission’s regulation proposals aimed at bringing parts of the crypto industry under its oversight looked to broaden the scope of trading venues required to register, including digital asset businesses. However, Acting Chairman Mark Uyeda is now seeking to reverse this decision.

The rule has been in development for years and is currently pending finalization at the agency, but Uyeda has instructed SEC staff to halt the process.

“I believe it was a mistake for the commission to connect regulation of the Treasury markets with an aggressive attempt to regulate the crypto market,” Uyeda stated in prepared remarks for the Institute of International Bankers in Washington. “Given the significant negative feedback on the crypto exchange definition, I have asked SEC staff to explore options for removing that aspect of the proposal.”

For more information, please visit: U.S. SEC Out-of-Bounds in Dragging DeFi Into Proposed Exchange Rule, Industry Says

The SEC’s revised approach to identifying exchanges within its jurisdiction involved including specific “communications protocols,” but these were not clearly defined, resulting in the proposal inadvertently covering various protocols related to crypto assets, according to Uyeda.

The rule proposal was one of several introduced during former chair Gary Gensler’s tenure, with the new leadership appointed by President Donald Trump now reviewing Gensler’s crypto-related initiatives.

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