The SEC gave the crypto industry 30 days to comment on a 600-page proposal that could affect DeFi platforms. Is that enough?
in which she called the document “too wide-ranging.” In follow-up remarks, she expressed her concern that, given the securities regulator’s recent eagerness to regulate all things crypto, the amendments could potentially reach DeFi protocols.
Patrick Daugherty, partner at law firm Foley and Lardner and the leader of its blockchain taskforce, calls the SEC’s initiative a “stealth rulemaking proposal,” agreeing with Commissioner Peirce on its potential to be used in targeting crypto industry players. Daugherty commented to Cointelegraph: Daugherty further added that, as an alternative to registering as an exchange, a communication protocol system could theoretically register as a “slightly-less-regulated” Alternative Trading System and also register as a broker-dealer. Recalling his own experience of facilitating such a registration for a digital asset platform, Daugherty said that it is “less arduous than full ‘exchange’ registration, but it is labor-intensive nonetheless and entails on-going compliance burdens and expense.
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