SEC Withdraws Key Regulatory Proposals Under Gensler Era

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has withdrawn several regulatory proposals from the era of Gary Gensler. These include the expanded Custody Rule and Rule 3b-16, among others. The expanded Custody Rule aimed to encompass all client assets, including cryptocurrencies, broadening the definition of 'custody' and raising concerns about whether certain state-chartered entities should be considered qualified custodians. Rule 3b-16 proposed treating decentralized finance (DeFi) exchanges and platforms as national securities exchanges for regulatory purposes. Additionally, the SEC has abandoned the proposal requiring listed companies to adhere to enhanced ESG reporting requirements.