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The US Securities Commission (SEC) has Officially withdrawn 14 unfinished proposalsincluding two that would directly affect how the crypts of the currency are stored and traded.
These proposals were introduced during the term Gary Gensler as the agency leader, from March 2022 to November 2023.
June 12. SEC stated that it was does not plan to complete these rules and may propose a new later if necessary.
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One of the abolished rules, known as Rule 3B-16,, would change the way SEC defines the exchange of securities. The updated definition would include platforms that use communication tools to connect customers and sellers, which could put many decentralized finances (Dead) systems under SEC control.
Critics warned that this was the rule Could force the developers and users of these systems to follow the rules intended for large, centralized exchanges.
Another withdrawn proposal focused on Summoning of the rules for the manner in which investment companies store customer’s assets. It was introduced in March 2023 and aimed at expanding existing custody rules to cover several types of assets, including the Crypto currency.
If approved, the rule would require investment advisers to store all the assets of the client, including digital tokens, with “qualified guardians”. These guardians are usually regulated banks or brokerage sellers.
Since many of the crippet exchange and wallet providers do not fulfill the definition of a SEC of a qualified guardian, the rule Could force investment companies to transfer their customers to different service providers Or completely pull from the cryptocurrency of the market.
In the meantime, the presidency of Sec’s Paul Atkins shared the idea called ‘Define and the American Spirit’ during the discussion on June 9, organized by the Sec’s SEC Working Group for cryptocurrencies. What did he say? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
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