SEC to give up plans that require encryption exchange for registration as ATSS – TradingView News

The US Securities and Stock Exchange Committee (SEC) is considering abandoning its plans to require some encryption companies to registration.

Another friendly step for encryption by the Supreme Education Council

Speaking at the Washington Conference of the International Banking Institute yesterday (Monday), Uyeda revealed that he had “already asked SEC options for giving up” the proposed changes that would expand the definition of alternative trading systems (ATSS) to include encryption operations.

“In light of the important negative public comments that were received on the definition of” exchange “with regard to encryption, SEC staff asked options about giving up this part of the proposal,” Oida stated.

“From my point of view, it was wrong for the committee to link the organization of the treasury markets with a heavy attempt to interrupt the encryption market.”

Uyeda as a Chargé d’Affaire of SEC took over the resignation of Gary Ginsler. However, former SEC Commissioner Paul Attins has been nominated for the role by Donald Trump, as he was confirming waiting for the Senate approval now. Uyeda and Atkins are a friend of encryption, unlike Gensler, which has started many prominent enforcement measures against encryption companies.

See Ginserner Policies

Uyeda indicated that the initial proposal to modify the ATS rules was presented in 2020 under former SEC President Jay Clayton. However, in 2022, under the leadership of Ginsler, the agency expanded the proposal to classify some encryption companies under the ATS framework. This step has sparked criticism from this industry, as it would have been exposed to these companies to increase organizational audit and additional compliance requirements.

“Instead of focusing on the narrow issues related to government securities ATSS, a new repetition of al -Qaeda was proposed in 2022 that would redefine the organizational definition of exchange.”

“Revitalized definition” communications protocols “included without clearly identifying the term. This expanded definition of exchange has included various protocols used for encryption assets.”

Meanwhile, the Securities and Stock Exchange Authority has already reduced many measures that started in the case of Jinsler. The organizer brought down lawsuits against Coinbase and Kaken while stopping actions against Binance.