13.06.2025 10:53
The US Securities and Exchange Commission (SEC) has significantly altered its approach to cryptocurrency regulation, abandoning several controversial proposals championed by its former chair, Gary Gensler. This marks a decisive shift under the new leadership, reflecting a more pro-crypto stance aligned with the previous administration's policies. The decision represents a major victory for the cryptocurrency industry.
Specifically, the SEC repealed Rule 3b-16, a proposal that sought to broaden the definition of an "exchange," potentially bringing decentralized finance (DeFi) platforms under the same regulatory umbrella as traditional exchanges. This move, strongly opposed by the industry, was seen as a threat to innovation within the decentralized technology space. Similarly, the expanded Custody Rule, which aimed to redefine "custody" to encompass virtually all client assets, including cryptocurrencies, has been withdrawn. This would have forced many firms to undergo significant restructuring or even leave the US market due to their inability to meet the stringent custodial requirements.
The reversal of these proposals, along with other compliance-related measures such as heightened cybersecurity and ESG reporting requirements, was met with enthusiastic approval from prominent figures within the crypto community. Coinbase Chief Legal Officer, Paul Grewal, celebrated the news on social media, highlighting the SEC's complete withdrawal of the contested rules. This sentiment was echoed by Eleanor Terrett, host of the Crypto America podcast, confirming the SEC's retreat from Gensler's more aggressive regulatory framework.
The SEC's actions signal a less stringent approach to cryptocurrency regulation, potentially fostering greater innovation and easing the compliance burden on firms operating within the US market. This significant policy reversal represents a rejection of the previous administration's stricter regulatory stance and offers a more favorable environment for the blockchain industry. The long-term implications of this shift remain to be seen, but the immediate reaction from the crypto community suggests a substantial win for proponents of decentralized technologies.
