Acting SEC Chair Mark Uyeda says agency may abandon Regulation ATS proposed rule that loops in crypto exchanges
Quick Take Mark Uyeda, the acting chair of the SEC following the departure of Gary Gensler, said he asked the agency’s staff for options on abandoning part of a proposed rule, known as Regulation ATS, that could loop in crypto exchanges. Uyeda said the agency made a mistake in linking Treasury markets regulation with “a heavy-handed attempt to tamp down the crypto market” in a speech Monday.
Acting U.S. Securities and Exchange Commission Chair Mark Uyeda said he directed the agency's staff to review a proposed rule change that would expand the definition of an "exchange" in a way that could potentially loop in decentralized crypto projects, marking the latest change the SEC has made under the new Trump administration.
The rule, called Regulation ATS, which has been worked on for years at the SEC and revisited in April 2024, was pulled in a different direction when former SEC Chair Gary Gensler took office, Uyeda said on Monday at the 2025 Annual Washington Conference of the Institute of International Bankers.
Uyeda said "communication protocols" would have been included in the definition of an exchange and that the agency didn't clearly define it.
"Effectively, the vastly expanded definition of an 'exchange' would have picked up various protocols used with respect to crypto assets," Uyeda said. "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."
"... in light of the significant negative public comment received on the definition of exchange with respect to crypto, I have asked SEC staff for options on abandoning that part of the proposal," he added.
Under the proposed rule, DeFi projects would have to make regular filings with the SEC and be subject to mandatory disclosures. Some in the crypto industry had criticized the rule's expansion and said it could " destroy " decentralized exchanges.
Uyeda's move on Monday marks the latest under the new administration. During the previous Biden administration, former Chair Gensler said most cryptocurrencies, aside from bitcoin, were securities. However, with Gensler's exit and the Trump administration's arrival, the SEC has rapidly reversed course on several key crypto policies. In a matter of just a few weeks, it has rescinded controversial crypto accounting guidance, dropped enforcement actions against major crypto industry players, created a crypto task force and issued a statement on memecoins .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
TSMC captures Intel's market and discusses Terafab cooperation with Musk, reaching a record high in stock price
TSMC's US stock closed up 2.8%, while Intel, which joined the Terafab project in April this year, saw its share price fall by 2.6%. Musk confirmed on social media that preliminary discussions have taken place between TSMC and Terafab. According to reports, industry insiders estimate there is over an 80% probability of collaboration between TSMC and Terafab.
Record-breaking AI chip financing launches distribution: 42 billion senior debt backed by Broadcom credit endorsement, 18 billion subordinated debt awaits Anthropic IPO
According to reports, approximately $42 billion in Broadcom-secured senior secured loans have taken the lead in syndicate distribution, with Bank of America, Citigroup, and Morgan Stanley beginning to sell portions of the debt to other banks. Leveraging Broadcom's A- credit rating, the debt may later enter the private placement or investment-grade bond markets. Additionally, $18 billion in unsecured subordinated debt not guaranteed by Broadcom will be launched later, with Blackstone having committed to subscribe to about $9 billion of it.
Crypto prices
More
