The SEC is considering reopening the comment period for its proposal to re-define the definition of 'exchange.'
: The SEC's proposed change to Rule 3b-16 of the Securities Exchange Act would apply the definition of exchange more broadly — with the Commission arguing that the rule as originally envisioned would've otherwise covered systems like DeFi.
It would touch so-called alternative trading systems, request-for-quote platforms and indication-of-interest platforms, as well as other sorts of messaging ones.: "Make no mistake: many crypto-trading platforms already come under the current definition of an exchange and thus have an existing duty to comply with the securities laws," Chairman Gary Gensler said in a statement.
"These platforms match orders of multiple buyers and sellers of crypto securities using established, non-discretionary methods. That’s the definition of an exchange — and today, most crypto trading platforms meet it.": This could be a lasting legacy of Chair Gensler's tenure at the helm of the SEC.and many, many comment letters have rolled in.
Among the few high-level issues with the proposed change, she argued, is that the Commission does not seek to define “communication protocol systems.”
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