The SEC has declared that it will reopen an old proposal that expressly includes digital asset trading under its purview, inviting criticism from Commissioner Peirce.
, reiterates that existing laws governing securities exchanges also apply to digital asset trading platforms and so-called “DeFi” systems., made in January 2022, aimed to broaden existing exchange legislation to include systems that “provide protocols to bring together buyers and sellers for trading any type of security.” These systems would be needed to register as exchanges or broker-dealers and to follow Alternative Trading System laws.
Commissioner Peirce further said that adopting existing regulations to DeFi would result in confusing and unworkable standards for network participants. This includes blockchain miners and validators that support its related protocols. Furthermore, she questioned the ability of DeFi participants to meet exchange or broker-dealer registration standards and whether such registrations were necessary for DeFi.that the large majority of crypto assets are subject to securities laws. Moreover, cryptocurrency exchanges should be subject to the same regulations and restrictions as regular trading platforms.
In contrast, Peirce frequently criticizes the Chair for attempting to fit a fresh and novel industry into a rulebook that wasn’t designed for it.
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