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🚨NEW: In remarks given at an event today, SEC Chair @SECPaulSAtkins laid out a handful of areas where the agency is considering modernizing securities rules for onchain markets, including potential rulemakings around what qualifies as an exchange, broker, dealer and clearing agency in crypto.
Atkins said the @SECGov is considering a framework for onchain trading systems through ‘notice and comment’ rulemaking, including around how the definition of “exchange” applies to crypto markets. He also said the agency is reviewing how broker and dealer rules apply to onchain activity and software interfaces, potentially through exemptive rulemaking.
On clearing, Atkins said the SEC is considering whether the traditional clearing agency model still fits onchain systems where settlement is near instant and counterparty risk is managed algorithmically.
He also signaled the agency is looking at how to regulate crypto vaults that generate onchain yield, particularly around the Securities Act and Investment Advisers Act issues.
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