SEC Chair Paul Atkins said on Friday that the Securities and Exchange Commission should conduct notice and comment rulemaking to clarify how its regulatory framework applies to onchain software applications and market structures. Speaking at an artificial intelligence expo hosted by the Special Competitive Studies Project, Atkins noted that software applications do not fit neatly into existing SEC regulatory categories such as broker, exchange, or clearing agency. He highlighted that a single protocol can execute trades, manage collateral, route liquidity, and settle transactions within a unified, automated system in seconds. Atkins called for the SEC to revisit definitions related to exchanges, clearing agencies, and brokers as they apply to onchain trading systems, and to provide clarity around crypto vaults—onchain applications that allow passive yield earning.
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