According to The Block, SEC Chair Paul Atkins said on Friday that the agency should conduct notice and comment rulemaking to clarify how its regulatory framework applies to software applications and onchain trading systems. Atkins noted that software applications do not fit neatly into existing SEC regulatory categories such as broker, exchange, or clearing agency. He called for clarity on how definitions related to exchanges, clearing agencies, and brokers apply to onchain systems, as well as guidance on crypto vaults. Atkins emphasized that onchain market structures are often hybrid in nature, combining elements of traditional and decentralized finance.
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