A controversial rule that extended the definition of exchanges to encompass crypto firms may be reconsidered, as Acting Chairman of the US Securities and Exchange Commission, Mark Uyeda, calls for a reevaluation.
This regulation, initially established in 2020, was designed to enhance oversight of Alternative Trading Systems. However, under former SEC Chair Gary Gensler, it was broadened to include crypto platforms.
During the Institute of International Bankers’ Washington Conference on March 10, Uyeda stated that expanding the rule in this manner was a mistake and has requested SEC staff to consider removing the crypto-related elements.
Uyeda clarified that the rule was originally intended to enhance transparency and oversight of Government Securities ATSs. However, he noted, under Gensler, the SEC took it in a “very different direction.”
