The crypto industry was again left emptyhanded in its long campaign to get straight answers from federal regulators, as the Securities and Exchange Commission today adopted rules that widen the net of entities that need to register with them. While the hundreds of pages could be read as applying to cryptocurrency and digital assets, the word “crypto” appears only once. In a footnote.

The SEC’s modifications are historic, updating the Securities Exchange Act of 1934 to identify certain activities that would cause persons engaging in such activities to be “dealers” or “government securities dealers,” and defining what it means to be doing so “as a part of a regular business.”

“These measures are common sense,” SEC Chair Gary Gensler said in prepared remarks. “Congress did not intend for registration and regulatory requirements to apply to some dealers and not to others.”

Gensler said that the update “requires that firms that act like dealers register with the commission as dealers, thereby protecting investors as well as promoting market integrity, resiliency, and transparency.”

Whether and how cryptocurrency businesses fit into these definitions, however, remains unclear. The phrase crypto, and references to any digital asset that is a security, was left out of the main narrative of the rulemaking document—even after strong demands for crypto’s inclusion were made by industry players when the rule changes were first proposed Go to Source to See Full Article
Author: Ryan Kawailani Ozawa

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