SEC Sees Decentralized Crypto Platforms as Exchanges, Seeks Public Input
The U.S. Securities and Exchange Commission has reopened public comment on a proposal to expand the definition of an "exchange," clarifying that its existing rules on exchanges also apply to decentralized cryptocurrency platforms. The plan, first proposed early last year, would expand the definition of an exchange to include platforms that use "communication protocols" such as request-for-quote systems. It was aimed at markets for government securities, where inter-dealer crypto brokers have functioned like exchanges without registering them as such, but crypto firms pushed back on the plan, saying it was aimed at roping in decentralized finance platforms that would otherwise not be subject to oversight.
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