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US SEC looks to expand definition of securities exchange, will it end up regulating DeFi?

The proposed rules have been met with criticism as an SEC commissioner herself warned that its scope is too broad.

The US Securities and Exchange Commission (SEC) has proposed rules to extend Regulation ATS (Alternative Trading Systems) to include “systems that offer the use of non-firm trading interest and provide protocols to bring together buyers and sellers for trading any type of security”, according to a press release. It means that the agency is looking to expand the definition of a securities exchange to include decentralised exchanges. The commission said that the proposal would “protect investors and enhance cybersecurity by bringing more various securities and treasuries under the regulatory umbrella." The draft rules require entities to either register as exchanges or register as broker-dealers and comply with Regulation ATS. What is a decentralised exchange? DEXs are peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian. These transactions are facilitated…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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