Acting chairman Mark Uyeda announced on 10 March that the US Securities and Exchange Commission (SEC) is considering leaving a proposal that would require certain crypto companies to register as alternative trade systems.
At the “2025 annual Washington Conference of the Institute of International Bankers, Uyeda told an audience of bankers that he had assigned SEC -employees to evaluate manners to leave this provision. However, the plan still has to be completed.
The proposal, introduced in 2022, was intended to expand the supervision of the crypto sector by classifying some companies under the same regulatory framework as traditional trading platforms. This would broaden the definition of alternative trade systems (ATS) and include some digital asset vlatforms. At the time, the crypto industry opposed this step.
The expansion was initially part of a broader initiative to regulate the Treasury markets, but Uyeda indicated that merging the regulation of trade with government effects with more supervision of crypto companies was a misstep.
Uyeda Added:
“In my opinion it was a mistake for the committee to link the regulation of the Treasury markets together with a hard-handed attempt to stamp the cryptomarkt.”
In particular, the proposal would not only consider centralized exchanges as ATS, but also defi protocols.
Bill Hughes, a lawyer at Consensys, posted On X that Uyeda’s statement that the proposal Defi platforms must be given to ATS is “encouraging to see”.
In addition, the US House Committee on Financial Services welcomed Uyeda’s decision via a statement shared on X.
Uyeda also stated that he has instructed SEC staff to extend the discussions with the Treasury Department, the Federal Reserve and other market participants with regard to the original regulations plans for alternative trade systems on the market for government effects.
New attitude
The SEC shifts its attitude under the new administration and is now more inclined to collaborate with other government agencies and interest in public feedback.
Commissioner Hester Peirce recently confirmed comments By Caroline Pham, the acting chairman of the Commodity Futures Trading Commission (CFTC), that both supervisors work together on crypto cases.
Peirce also emphasized the importance of feedback from the crypto industry for regulation efforts, adding that people who affected by the rules should have a place to make them.
In this respect, the SEC will perform a series of public round tables via the Crypto Task Force under the leadership of Peirce on various aspects of the crypto industry to collect public feedback.
In addition, the Crypto Task Force has met Crypto companies to discuss various aspects, such as such as Make a strike on Exchange-Trade Products (ETP).