Updated SEC rules could bring brokers under additional oversight and modernize regulations.
“Given how crypto trading platforms operate today, many of them currently are exchanges regardless of this reopening release we’re considering today. These platforms match orders of multiple buyers and sellers of crypto securities using established non-discretionary methods. That’s the definition of exchange, and today, most crypto trading platforms meet it.”
SEC commissioner Hester Peirce, also known as 'Crypto Mom' for many of her pro-crypto policy positions, raised concerns on the rules regarding trading platforms that do not handle tokens qualifying as securities, or how to address operators that move from securities to non-securities trading. She added there was “so much ambiguity” regarding the SEC’s current treatment of securities.
“It’s possible that operating a system that uses these technologies to perform exchange activities under the proposed rules in a manner that complies with applicable regulations could significantly reduce the extent to which the system is decentralized,” said Peirce. “Have we thought about how forcing centralization would benefit the American public [...] It seems perverse to me that we would be encouraging centralization.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. SEC Poised to Move Toward DeFi Oversight As It Reopens Proposed RegulationsThe Securities and Exchange Commission is confirming crypto industry worries that, yes, the proposal last year to widen its view of securities exchanges is meant to fold in DeFi.
Read more »
The US SEC is getting ready to scrutinize DeFi markets even furtherThe agency looks poised to expand further into policing decentralized finance and is likely to declare that rules governing trading exchanges in the U.S. also apply to decentralized finance.
Read more »
Lawyer asks public to 'keep open an open mind' after Hashi manslaughter charge stayed in SaskatoonThe Crown stayed the manslaughter charge that was laid against Paige Theriault\u002DFisher in Hodan Hashi\u0027s death.
Read more »
DeFi Protocols Aave, Yearn Finance Likely Impacted in Exploit: PeckShield.Aaveaave and iearnfinance were likely involved in an exploit this morning with potential losses to the tune of millions of dollars. By shauryamalwa
Read more »
DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit That Occurred Via Aave Version 1UPDATE: AaveAave confirmed it was not impacted by an exploit on Thursday morning. The attack was mainly due to a misconfiguration on iearnfinance's yUSD stablecoin, as per security firms. By shauryamalwa
Read more »
Missing DeFi security layer found in a new company releaseDespite advancements across the industry, many of today’s cryptocurrencies still have the same security protocols in place as first-generation releases
Read more »