The United States Securities and Exchange Commission (SEC) extended the comments period for its proposal to amend Rule 3b-16 of the Securities Exchange Act of 1934, which ended June 13. The Blockchain Association and Republican members of the House of Representatives Committee on Financial Services filed last-minute comments.
The amendments proposal, which runs for hundreds of pages, was released in January 2022. It did not mention digital assets. Another lengthy document was released when the comment period was reopened. It did address digital asset platforms. The amendments could profoundly impact the crypto industry, according to observers, and they have drawn numerous negative reactions.
The 29 Republican committee members criticized the proposal for expanding the definition of an exchange so much that it “could capture a wide range of individuals, […] including software developers and participants in a blockchain network’s consensus mechanism,” and could exceed the agency’s regulatory authority with the inclusion of “Communication Protocol Systems.” Furthermore:
“It is not clear how a developer or any other person operating software critical to the functioning of [a] blockchain network could be in compliance with the regulatory requirements for an exchange.”
The proposal is an example of the SEC’s hostility toward blockchain technology, the letter concluded, and advances SEC Chair Gary Gensler’s personal views “wit
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Author: Derek Andersen
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