SEC Officially Repeals Gary Gensler-Era Proposal for DeFi and Custody

Odaily News The U.S. Securities and Exchange Commission on Thursday formally withdrew several proposed rules that would have imposed stricter regulation on DeFi and cryptocurrency custody.
The proposals were made under former Chairman Gary Gensler, who led the agency's "enforcement regulation" approach. The scrapped proposals include proposed revisions to Rule 3b-16 of the Exchange Act, which was issued in April 2023. The proposal sought to expand the definition of an exchange, specifically to include decentralized finance platforms under the regulation of national securities exchanges. The proposal has drawn criticism from various parties in the industry. (The Block)