Acting SEC chairman Mark Uyeda has requested staff options to abandon a proposed rule change that would require crypto firms to register as exchanges. This move was indicated during a speech on March 10 at the Washington Conference of the Institute of International Bankers. The proposed change aimed to redefine alternative trading systems (ATSs) to encompass crypto firms, a move that Uyeda acknowledged faced significant public backlash. He criticized the earlier approach for erroneously linking Treasury market regulations to tighter controls on the crypto market. Originally drafted in 2020 under former SEC Chairman Jay Clayton with the goal of clarifying ATS regulations, the rule's later iterations expanded its scope to include various crypto protocols without clear definitions. Following the resignation of Gary Gensler, who had introduced over 100 regulatory actions against crypto firms, the SEC seems to be shifting towards a more amicable regulatory landscape for digital assets, with ongoing efforts to develop a favorable framework for crypto by Commissioner Hester Peirce.

Source 🔗