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U.S. SEC Out-of-Bounds in Dragging DeFi Into Proposed Exchange Rule, Industry Says

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After the SECGov finally proposed a rule that it wanted to oversee decentralized finance platforms as exchanges, U.S. crypto and DeFi lobbyists have issued a resounding -- Nope! jesseahamilton reports

The U.S. Securities and Exchange Commission wants to stretch how it identifies exchanges it needs to regulate, and the agency’s inbox is jammed with crypto industry letters accusing it of reaching well beyond its legal powers and potentially forcing rules on services the platforms need, such as electric companies.explicitly absorb decentralized finance

“The proposal would operate as a blanket de facto banishment of DeFi from the United States,” the DeFi Education Fund, a lobbying group, wrote in. “The actions and words of the commission and agency personnel have created great confusion.” However, DeFi protocols “intuitively possess none of the defining hallmarks of stock exchanges,” according to the DeFi Education Fund’s letter. “Beyond DeFi, the commission’s proposal has no logical limit and would sweep third-party and utility service providers who contract with exchange providers into the exchange regulatory regime.”

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