Stealth rulemaking: New SEC Rule Indicating No Clue Towards Crypto Being a Threat to Decentralised Finance

The United States dropped a 600-page long document (Stealth rulemaking) proposing the reformation of exchanges. The amendments were proposed

Stealth rulemaking: New SEC Rule Indicating No Clue Towards Crypto Being a Threat to Decentralised Finance

by the United States and Exchange Commission collaboratively. These proposed amendments are indicating reforming the Defi sphere.

Proposed amendments to Rule 3b-16, lack the prominent role of digital assets or DeFi. It also neglects the threats that this sphere can expose in the future. The most affected body by these proposed amendments is the global Exchanges. Many are still pondering over the fact that the commission dragged several crypto entities under the banner of exchanges exposing them to real threats.

What’s So Gravely Threatening?

There are several elements present in these amendments that have the potential to silently push the crypto world into a dangerous web. Here are some of the majorly affected areas by the amendments.

The Changed Dynamics

The amendments classified everything under one umbrella judging them under similar criteria. They expand the definition of exchange, excluding heavily the demands and relation that this body serves to the crypto community. The amendments target exchanges.

The substitute does not provide security and facility for executing transactions. Many platforms are being heavily turf for executing their operations and were not a part of this proposed jurisdiction before.

The majority of the dragged platforms are often not registered as an alternative option for trading. These platforms are categorized within SEC’s limitations. One more absurd thing with this proposed rule is its addition of “communication protocol systems” within the…….

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