© Reuters US SEC reopens comment period for rule change on DeFi platforms
- The SEC plans to clarify that digital asset exchanges and DeFi platforms must register with the regulator.
- The comment period for the proposed rule has reopened and will remain open for 30 days.
- Chairman Gary Gensler aims to close the regulatory gap by requiring many securities trading platforms to register.
The US Securities and Exchange Commission (SEC) intends to review a proposed regulation to clarify that digital asset exchanges and DeFi platforms must register with the regulator. The SEC has reopened the comment period and issued additional details on the changes to the definition of “exchange” under Rule 3b-16 of the Exchange Act.
After publishing supplemental information on the proposed amendments, the SEC has reopened the comment period for the pending rulemaking, which will remain open for 30 days after the publication of the reopening notice in the Federal Register.
In 2022, the SEC proposed a rule to address a “regulatory gap” where many securities trading platforms are not registered. The agency, led by Chairman Gary Gensler, aims to close this gap with the proposed rule.
Last year, the crypto industry provided comments to the SEC, criticizing the proposal for lack of clarity and unreasonably expanding the regulator’s power.
The SEC’s tough stance on cryptocurrencies, led by Gary Gensler, has received media attention. Additionally, the agency has been actively seeking regulatory and enforcement actions against cryptocurrencies, including a lawsuit against .
Additionally, Gensler stressed that existing crypto trading platforms could be classified as exchanges under current regulations and must comply with securities laws. He also stated that investors in the crypto market deserve the same level of protection as traditional markets.
At a recent SEC meeting, Commissioner Hester Peirce took issue with her colleagues, accusing the Commission of prioritizing “protecting holders” over “promoting innovation and competition.” Peirce is known for her stance in favor of cryptocurrencies.
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