Acting SEC chairman Mark Uyeda is considering abandoning a proposed rule change that would redefine alternative trading systems to include crypto firms. In a recent speech, he acknowledged significant public backlash regarding the expanded definition of exchanges in relation to crypto. The original rule, developed in 2020 to clarify regulations for alternative trading systems primarily affecting U.S. Treasury markets, was altered under a previous SEC chairman, who broadened its scope to encompass various crypto-related protocols without clear terminology. Following a shift in regulatory strategy after the recent resignation of Gary Gensler, the SEC is now exploring a more lenient approach towards crypto regulation. This includes dismissals of several cases against crypto firms and initiatives for a digital assets framework led by crypto-friendly Commissioner Hester Peirce.

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