U.S. SEC Mulls New Securities Rules for On-chain Financial Markets
The U.S. Securities and Exchange Commission (SEC) Chair, Paul Atkins, has revealed areas that the Commission is likely to consider for new rulemaking on on-chain markets. This comes as the crypto market awaits regulatory clarity through the CLARITY Act, with a markup of the crypto bill likely next week. SEC Weighs New Rules For On-chain Markets In on-chain markets. Firstly, he stated that he anticipates the Commission will consider a limited innovation pathway in the near future for on-chain trading systems. Furthermore, the SEC chair opined that they should consider what a future-proofed framework might look like, one that addresses the “exchange” definition as it relates to these systems. Secondly, Atkins stated that they should further consider how the broker-dealer definitions and the associated regulatory framework apply to these activities. He added that they could do this by addressing some of the issues raised in a recent staff statement on software interfaces. Atkins added that this policy may also involve notice-and-comment exemptive rulemaking. As CoinGape reported, the staff statement had provided a pathway for DeFi platforms to operate without broker-dealer registration. Specifically, it relates to Covered User Interfaces, which market participants typically use to carry out transactions involving crypto asset securities. On Clearing Agency And Crypto