A new directive from the acting SEC chairman could lead to the abandonment of a proposed regulatory change requiring some cryptocurrency firms to register as exchanges.
During a March 10 speech at the Institute of International Bankers Washington Conference, acting SEC Chairman Mark Uyeda mentioned he had asked SEC staff to consider options for abandoning parts of the proposed changes.
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These changes sought to expand the regulation of alternative trading systems (ATS) to include cryptocurrency firms.
The proposed rule was initially formulated in 2020 under former SEC Chairman Jay Clayton. It aimed to create more transparent rules for alternative trading systems, focusing primarily on participants in the US Treasury market.