Odaily News SEC Acting Chairman Mark Uyeda recently announced that he has asked staff to study a proposal to abandon the requirement for crypto companies to register as exchanges.
Uyeda noted: “There has been a lot of negative public commentary on expanding the definition of ‘exchange’ to include crypto, and it is a mistake to tie U.S. Treasury market regulation to a crackdown on crypto.”
The rule was originally proposed by former SEC Chairman Clayton in 2020, mainly targeting U.S. Treasury market participants. However, after taking office, former Chairman Gensler significantly expanded the scope of supervision and included cryptocurrency companies in the definition of "exchanges", which caused controversy.
After Gensler resigned, the SEC's attitude towards the crypto industry has clearly turned friendly. It withdrew lawsuits against several crypto companies and established a special group led by crypto-friendly commissioner Peirce to develop a digital asset regulatory framework.
Cointelegraph