U.S. SEC’s Acting Chair Walking Back Agency Proposal on Crypto Trading Platforms

The Acting Chair of the U.S. SEC, Mark Uyeda, is reconsidering a proposal intended to extend the agency’s regulatory reach over crypto trading platforms. This proposal has faced significant public backlash, leading Uyeda to request that SEC staff explore options to abandon part of the initiative that sought to classify certain communication protocols tied to crypto assets as exchanges. This shift occurs amidst ongoing criticisms of past regulations initiated under former chair Gary Gensler.