The US Securities and Exchange Commission (SEC) has implemented new rules that expand the scope of entities required to register with the agency. The crypto industry has faced another setback as the SEC adopted rules that broaden the registration requirements without explicitly mentioning cryptocurrencies. These rules apply to market participants who play major liquidity-providing roles and oblige them to register, comply with federal securities laws, and join a self-regulatory organization (SRO). The SEC’s regulations encompass crypto assets that meet the definition of securities or government securities, including decentralized finance (DeFi). SEC Chairman Gary Gensler supports these rules, emphasizing the need for common-sense regulations to protect investors and ensure market integrity. However, SEC Commissioner Hester Pierce opposes the final rule, criticizes the lack of specific mention of crypto, and questions how automated market makers can register as dealers. Despite industry pressure for clear regulations, the SEC maintains its position that existing rules are sufficient.
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