SEC Considers New Rules for On-Chain Markets, Focusing on Software Application Regulatory Framework
Odaily Planet Daily News: US SEC Chairman Paul Atkins stated that regulators are considering formulating new rules for on-chain financial markets and related software applications.
Atkins pointed out that current software protocols like DeFi are difficult to categorize as exchanges, brokers, or clearing agencies under traditional regulatory frameworks, as a single protocol often simultaneously performs multiple functions such as trade execution, collateral management, liquidity routing, and settlement.
His remarks are seen as a sign that the SEC is becoming more open towards the crypto industry, adopting a friendlier stance compared to his predecessor Gary Gensler. At the same time, the SEC is also exploring innovation exemptions for tokenized securities and pushing forward the clarification of digital asset classification systems.
