Odaily Planet Daily News The U.S. Securities and Exchange Commission formally withdrew several proposed rules on Thursday that would have imposed stricter regulation on DeFi and cryptocurrency custody.
The proposals were made under the leadership of former Chairman Gary Gensler, who led the agency's "enforcement supervision" approach. The repealed proposals include proposed revisions to Rule 3b-16 of the Exchange Act, which was issued in April 2023. The proposal seeks to expand the definition of an exchange, specifically to include decentralized financial platforms under the regulation of national securities exchanges. The proposal has drawn criticism from all sides of the industry. (The Block)