On September 5, the U.S. Securities and Exchange Commission (SEC) proposed providing a safe harbor for Crypto Assets and reforming the broker-dealer rules. The proposed rule changes could affect the SEC's guidelines for broker-dealers, custodians, and reporting, potentially allowing Crypto Assets companies to operate in the U.S. with less regulatory oversight and reducing the risk of legal action. The proposed rules include amending the Securities Exchange Act to "consider trading Crypto Assets on alternative trading systems and national securities exchanges," as well as modifying the "broker-dealer financial responsibility rules," which could ease the reporting burdens on Crypto Assets companies. Although the impact of each proposal on the Crypto Assets industry varies, many proposals indicate that the Commission will continue to soften its enforcement approach, establish safe harbors, and restructure existing regulations to benefit relevant Crypto projects. Paul Atkins stated: "This agenda covers potential rule proposals related to the issuance and sale of Crypto Assets to help clarify the regulatory framework for Crypto Assets and provide greater certainty to the market. We are retracting a series of initiatives from the previous administration that did not align with the goals of regulation being smart, effective, and appropriately tailored within statutory authority."
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The SEC proposed providing a safe harbor for Crypto Assets and reforming broker-dealer rules.
On September 5, the U.S. Securities and Exchange Commission (SEC) proposed providing a safe harbor for Crypto Assets and reforming the broker-dealer rules. The proposed rule changes could affect the SEC's guidelines for broker-dealers, custodians, and reporting, potentially allowing Crypto Assets companies to operate in the U.S. with less regulatory oversight and reducing the risk of legal action. The proposed rules include amending the Securities Exchange Act to "consider trading Crypto Assets on alternative trading systems and national securities exchanges," as well as modifying the "broker-dealer financial responsibility rules," which could ease the reporting burdens on Crypto Assets companies. Although the impact of each proposal on the Crypto Assets industry varies, many proposals indicate that the Commission will continue to soften its enforcement approach, establish safe harbors, and restructure existing regulations to benefit relevant Crypto projects. Paul Atkins stated: "This agenda covers potential rule proposals related to the issuance and sale of Crypto Assets to help clarify the regulatory framework for Crypto Assets and provide greater certainty to the market. We are retracting a series of initiatives from the previous administration that did not align with the goals of regulation being smart, effective, and appropriately tailored within statutory authority."