Summary
- The U.S. Securities and Exchange Commission (SEC) is reviewing changes to rules governing on-chain financial markets and software applications, according to a report.
- The SEC is considering revisions to securities rules for the on-chain environment, including qualification requirements for crypto exchanges, brokers, dealers and clearing agencies.
- Unlike Gary Gensler, Chair Paul Atkins has shown a more crypto-friendly stance, and markets are watching how changes in the SEC's regulatory framework could affect on-chain finance and the DeFi industry.
Forecast Trend Report by Period
The U.S. Securities and Exchange Commission is reviewing whether to overhaul rules for on-chain financial markets and software applications, The Block reported, in a move that could reshape the regulatory framework for digital assets.
SEC Chair Paul Atkins said on May 8 that regulators need to clarify how existing rules apply to software applications as they build a framework for on-chain financial markets, according to the crypto news outlet.
The SEC is also considering revisions to securities rules to better suit the on-chain environment.
The review includes qualification requirements for crypto exchanges, brokers, dealers and clearing agencies.
Software applications do not fit neatly within the SEC's existing regulatory framework for clearing agencies, exchanges and brokers, Atkins said.
The Block said Atkins has struck a more crypto-friendly tone than former Chair Gary Gensler, who viewed most digital assets as falling under the SEC's jurisdiction.
Markets are watching how changes to the SEC's regulatory framework could affect on-chain finance and the decentralized finance industry. The release of draft rules and the agency's consultation with the industry are seen as key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
