Crypto platforms fear the new stock market rules of the Sec

cryptocurrency platforms fear that they will be exposed to a stricter official examination after the US stock exchange supervisory authority has proposed securities and Exchange Commission new rules that could bring more exchanges for digital assets to their area of ​​responsibility.

The changed regulations aim to close a regulatory gap by making platforms that sit outside the supervision of the SEC to comply with existing standards that aim to protect investors and promote fair and orderly markets.

The new 654-page instructions, which the SEC supported in a vote last month, does not expressly refer to the exchange of digital assets. However, the crypto sector and right-wing experts believe that the industry could fall under an extended second definition of a "stock exchange" that, according to official information, aims to record platforms that act with securities that are outside the agency's area of ​​responsibility.

"As far as digital assets are concerned, there are certainly some concerns in my opinion," said Stephen Wink, partner at Latham & Watkins.

The Sec rejected a statement.

The broader definition of a stock exchange would include platforms, the "...

"This change could possibly capture a larger number of people in the field of digital assets," said Wink.

Proponents of cryptocurrencies said that the rules could enable so -called automated marketmakers such as Z Uniswapdie in January a trading volume of more than $ 70 billion.

The stock exchanges run on open source software programs without central control points, which enables dealers to replace token without going through intermediate traders-a function that has made it difficult to use the existing regulation to these platforms. Development teams that created the stock exchanges claim that they have no authority to close them.

Gary Gensler, Chairman of the SEC, said the proposed changes would be the guidelines in connection with "Modernize the definition of a stock exchange to cover platforms for all types of investment classes, bring the buyers and sellers together".

If platforms were affected by the new guidelines, they probably did not comply with the securities laws, said someone who is familiar with the regulations, and added that platforms that do not have to deal with securities that do not have to comply with existing or proposed rules.

The agency's proposal shaken the crypto sector, who is trying to analyze the new rules. The SEC has provided 30 days for the public statement on the proposal, a deadline that some supporters of the cryptocurrency have complained about is too short.

The new rule is "not entirely clear whether developers of the code, deployer or interface provider are affected or not," said Michael Egorov, founder of the decentralized stock exchange curve finance.

"I think the rule would not work in this form at least in Defi," said Egorov and added that he did not consider the second to be "malignant" towards the sector.

"There were a large number of inquiries about this proposed rule," said Joshua Ashley Klayman, co-head of the global technology sector at Linklater. "Some people came and said: 'Do you think that this was intended for the area of ​​digital assets?'. 'Is that a Trojan horse?". "

But for Klayman, the new guideline was designed so that it reflects new business methods and did not "deliberately reveal" a certain sector.

The Association for Digital Asset Markets (ADAM), a trading group that also includes the FTX stock exchange, wrote in a public comment that the changes could "expand the supervision of the SEC via cryptocurrency exchanges and decentralized networks" in a way that is not mentioned or discussed in the proposal ". . Adam asked the SEC to extend the comment period by at least 60 days.

The regulatory effects on cryptoplatt forms when the rules accepted - and applied to the industry - remain unclear. Experts say that possible effects are an increase in registrations with the supervisory authority or crypto exchanges that are throwing the tokens that are considered securities to circumvent the SEC supervision. A flood of enforcement measures is also possible.

The proposed rules come after repeated calls from Gensler to tighten the examination of an industry, which in his opinion offers insufficient investor protection. He said that many digital products could be seen as securities, but has not issued new rules and argued that the existing laws are sufficiently clear.

The supervisory authorities have accelerated the enforcement measures against crypto players. Coinbase said in September that the SEC warned that it would sue the company if it introduced a product for the rental of digital assets that finally scrapped it.