One of the US securities and the exchange commission’s regulatory proposals intended to seize segments of the crypto area under the agency’s jurisdiction had tried to expand what trading sites, it thinks, have to register in a way that included digital enables and acting chairman Mark Uyeda appears to turn that effort.
The rule has been in creation years and is waiting to be completed on the agency, but Uyeda has asked the staff at SEC to put the brakes on it.
“In my opinion, it was a mistake for the Commission to link the regulation of the Ministry of Finance’s markets with a strong attempt to tamp the crypto market,” he said in comments set for delivery Monday to the Institute of International Bankers in Washington. “In light of the significant negative public comment received about the definition of exchange with regard to crypto, I have asked SEC staff to give up that part of the proposal.”
Read more: US SEC out of bounds by dragging Defi into the proposed exchange rule, the industry says
The new way the agency had tried to identify exchanges according to its jurisdiction was to say in included certain “communication protocols”, but these were sufficiently identified and the resulting proposal “would have collected various protocols used with regard to crypto assets,” Uyeda said.
The rule proposal had been among several during the term of office by former chairman Gary Gensler, whose crypto work has been targeted by the new leadership increased by President Donald Trump.
