SEC to abandon plan for crypto firms to register as trading systems

The acting chief of the U.S. Securities and Exchange Commission (SEC), Mark Uyeda, indicated a shift in regulatory strategy regarding cryptocurrency firms. He has directed staff to consider abandoning a 2022 proposal that would require some crypto firms to register as alternative trading systems, linking this regulation with Treasury market oversight. Uyeda criticized this approach as a misstep and emphasized the need for renewed discussions with key financial authorities. The SEC, under Republican leadership, is focusing on revising its crypto policy and reassessing ongoing legal actions against crypto firms.

“In my view, it was a mistake for the Commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market.”

“Acting Chairman Mark Uyeda told an audience of bankers he has instructed staff to look at ways to abandon that portion of the plan, which has yet to be finalized.”}],

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