U.S. SEC Acting Chair Seeks to Reverse Crypto Trading Regulation Proposal

The U.S. Securities and Exchange Commission (SEC) is reconsidering a proposed regulation that would require more digital asset businesses to register as trading venues. Acting Chairman Mark Uyeda has requested SEC staff to halt progress on the proposal, which has faced significant public criticism.

• Uyeda stated it was a mistake to link the regulation of Treasury markets with controls on the crypto market.
• The proposal aimed to redefine exchanges to include certain "communications protocols," potentially affecting various crypto-related operations.
• This rule was initiated under former chair Gary Gensler's leadership, but the current administration seeks to revise it.

Uyeda plans to present these concerns during remarks at the Institute of International Bankers in Washington.