SEC's Atkins weighs rulemaking for onchain market structures

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SEC Chair Paul Atkins said the agency should consider notice-and-comment rulemaking to clarify how exchange, broker and clearing agency definitions apply to onchain trading systems. Atkins said software applications and crypto vaults do not fit neatly into existing regulatory categories because a single protocol can combine trading, collateral management, liquidity routing and settlement. The comments follow a staff statement last month that said interfaces such as DeFi wallets would generally not be considered brokers.

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