The SEC Proposes Safe Harbor for Cryptocurrency and Amends Broker-Dealer Risk Assessment Rules
BlockBeats News, September 5th, the U.S. Securities and Exchange Commission (SEC) proposed to provide a safe harbor for cryptocurrency and reform the broker-dealer rule, the proposed rule changes may affect the SEC's guidance on broker-dealers, custody, and reporting, or may allow cryptocurrency companies to operate in the United States with less regulatory oversight and reduce the risk of legal action. The proposed rules include amending the "Exchange Act" to "consider trading crypto assets on alternative trading systems and national securities exchanges," as well as amending the "broker-dealer financial responsibility rules," which may reduce the burden on cryptocurrency companies in reporting data. Although the impact of each proposal on the cryptocurrency industry varies, many proposals indicate that the Commission will continue to soften its enforcement approach, establish a safe harbor, and restructure existing regulations to benefit relevant crypto projects.
SEC Chairman Paul Atkins stated: "The 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 We have withdrawn a series of projects from the previous administration that did not align with the goal of regulating in a smart, effective, and appropriately tailored manner within statutory authority."
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