SEC reopens comments on proposed changes to “exchange” definition

The U.S. Securities and Exchange Commission has reopened the comment period on proposed amendments to its Exchange Act, as announced on April 14.

The proposed change concerns the definition of “exchange” under Exchange Act Rule 3b-16, which in turn could affect crypto platforms.

Specifically, the new definition could broaden the definition of exchange to apply securities regulations to services that are not usually considered exchanges, such as DeFi platforms — a possibility acknowledged by the SEC today.

However, the SEC has not yet made the proposed changes.

SEC Chair Gary Gensler said that the comment period will “will help address comments … from various market participants, particularly those in the crypto markets.” He nevertheless affirmed that securities laws already apply to many crypto trading services.

The SEC first proposed the amendment in January 2022. It previously reopened the comment period between May and June 2022.

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