According to The Block, SEC Chair Paul Atkins called on Friday for the agency to clarify how its regulatory framework applies to software applications and onchain financial markets. Atkins said the SEC should conduct notice and comment rulemaking to revisit definitions of exchange, clearing agency, and broker as they apply to onchain trading systems. He also called for clarity on crypto vaults—onchain software applications that allow passive yield generation. The SEC’s Division of Trading and Markets previously stated that DeFi wallets would generally not be considered brokers. Atkins added that the agency should consider an innovation exemption for tokenized securities and engage with innovators, investors, and the public in the rulemaking process.
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