So, you know how the government is always trying to ruin the party? Well, it looks like the SEC is finally backing off on some of those super-strict crypto rules they proposed under Biden 🙌.
On Thursday, they announced that they’re withdrawing 14 proposed rules that were introduced between March 2022 and November 2023. I mean, who needs that many rules, right? 🤯
The SEC basically said, “Hey, we’re not going to make these rules a thing… for now.” And if they do decide to pursue more regulatory action in the future, they’ll issue new proposed rules. Because, you know, the first ones were just a draft… or something 📝.
One of the rules they scrapped was the proposed amendment to Rule 3b-16, which would have redefined what qualifies as an “exchange” under federal securities laws. Yeah, because that wasn’t going to cause any confusion 🤔.
Critics were all like, “Hey, this could treat DeFi platforms as regulated securities exchanges, even if they’re just facilitating trades without intermediaries!” And the SEC was all like, “Oh, good point… never mind” 🙅♂️.
They also dropped the proposed Safeguarding Advisory Client Assets rule, which would have required registered investment advisers to hold all client assets, including crypto, with a “qualified custodian.” Because, you know, most crypto-native custody providers aren’t exactly qualified… yet 🤷♀️.
It looks like the SEC is trying to be more “constructive” and less “enforcement-led” under the new chair, Paul Atkins. He’s all about clearer, innovation-friendly policies… and not scaring off all the crypto people 🚀.
As part of this new approach, the SEC created a Digital Assets Task Force to reassess their crypto oversight strategy. And, spoiler alert, they’ve already closed several high-profile investigations, including ones involving Coinbase, Kraken, and OpenSea, among others 🚫.
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2025-06-13 12:01