The US Securities and Exchange Commission (SEC) is revising a proposed rule requiring digital asset exchanges to register under alternative trading system rules. The original proposal, introduced in 2022, aimed to close a regulatory gap created by certain platforms. However, it faced significant opposition from industry giants like Coinbase Global Inc.
Acting SEC Chair Mark Uyeda has asked staff to scale back parts of the rule, which was met with criticism from regulators and industry leaders. Initially proposed during the Trump administration, the rule’s intent was to subject proprietary trading firms that trade US Treasuries to the same regulatory treatment as banks.
Uyeda believes that alternative trading systems (ATSs) that trade US government securities lack key transparency and investor protections due to their non-exchange status. The revised rule may bring ATSs under the same regulations as traditional exchanges, ensuring fair and orderly markets and system integrity.
A time frame for revising or voting on a new final rule has not been announced, pending confirmation of Paul Atkins, President Trump’s chosen SEC leader by the Senate.
Source: https://finance.yahoo.com/news/sec-uyeda-plans-strike-crypto-191126525.html