SEC's Revised 'Dealer' Definition Sparks Concerns Over Impact on Crypto Innovati

[sirty143]

SEC's Revised 'Dealer' Definition Sparks Concerns Over Impact on Crypto Innovation

The U.S. Securities and Exchange Commission (SEC) has adopted rules to require firms that act like dealers to register with the Commission. A lawyer explained that the securities regulator took a shot at decentralized finance (Defi) with the rules... See more for yourself here.

Your opinion is greatly appreciated.

[Zed0X]

Here we go Basically, you need to have a paper from SEC if you're a large liquidity provider. The one who proposed this and all commissioners are reaching. I can already see the implementation of this update to be suspended. Those who oppose this revised definition would probably use SEC Commissioner Hester Pierce' dissenting statement https://www.sec.gov/news/statement/peirce-statement-dealer-trader-020624

[joniboini]

A lot of people seem to not be happy with this though, even outside the usual crypto community. The main criticism is that the definition of dealer feels contradictory, which gives the SEC a lot of power that they never have to begin with. Judging from the tone of the article and some comments about it, I second the opinion that a lawsuit or scrutiny will come into existence sooner or later. It feels like the SEC intentionally breached several things and set the bar so high that they can still earn something even if they lose the lawsuit.