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The U.S. Securities and Exchange Commission (SEC) is reshaping its regulatory policies to reduce uncertainties in the cryptocurrency market and bolster confidence within the sector. A proposal introduced in 2022 aimed at regulating decentralized platforms under the same framework as traditional exchanges has been withdrawn due to industry backlash. The Commission’s new strategy seeks to protect investors while preserving the dynamics of the cryptocurrency market.
Withdrawal of SEC’s 2022 Proposal
The regulatory proposal from 2022 suggested imposing similar rules on decentralized cryptocurrency platforms as those applied to traditional securities exchanges. This included requirements for registration and strict oversight. However, industry representatives argued that classifying decentralized structures in this manner would hinder innovation, leading to significant opposition.
In response to the backlash, the SEC decided to reevaluate the proposal. SEC member Mark Uyeda stated, “Limiting the cryptocurrency market with rigid rules is a misguided approach.” This policy shift reflects the growing consensus that the unique structure of the decentralized finance (DeFi) ecosystem should be considered in regulatory frameworks.
New Regulatory Strategy for the Cryptocurrency Market
In its new strategy, the SEC adopts a flexible and balancing approach towards the cryptocurrency market. The Commission aims to enhance investor protection without compromising the decentralized nature of Web3 technologies. Notable steps include approving new cryptocurrency funds and concluding certain legal cases.
The SEC plans to strengthen dialogue with the industry by developing collaboration mechanisms with cryptocurrency platforms. Former Legal Advisor Rodrigo Seira emphasized the importance of the new strategy, stating, “Attempts to fit decentralized platforms into a traditional framework were inappropriate.” The Commission continues its efforts to align regulations with market participant expectations.
