Amid discussions about the creation of a bitcoin fund in the United States and the ups and downs in the price of the market’s leading cryptocurrency, acting SEC Chairman Mark Uyeda asked staff to abandon “a rule change that would expand the definition of alternative trading systems to include cryptocurrencies.”

This change would require crypto companies to register as brokers. However, during a speech on Monday, March 10, at the Institute of International Bankers Conference in Washington, Uyeda addressed his request to the agency’s staff to abandon some of the proposed changes.

The acting SEC chairman stated, “In light of the significant negative public comments received regarding the definition of exchange as it relates to cryptocurrencies, I have asked the SEC staff for options for abandoning that portion of the proposal.”

The precedent for the regulatory overhaul dates back to 2020 under SEC Chairman Jay Clayton. The goal was to “establish clearer rules for alternative trading systems; the guidance was primarily intended to impact U.S. Treasury market participants.”

“However, when the rule fell to former SEC Chairman Gary Gensler, he took a very different direction by expanding the list beyond ATSs.”

Two years later, in 2022, a proposal for a new version of the rule was released that would redefine the concept of a securities broker-dealer, which included communication protocols, but without clearly defining the term. The SEC is now handling Uyeda’s request, while court cases against crypto companies are underway, along with the creation of “a dedicated cryptocurrency task force to develop a regulatory framework for digital assets, led by Pro-Crypto Commissioner Hester Peirce.”

M.Pino

Source: cointelegraph

(Reference image: Kanchanara on Unsplash)

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The South Korean Financial Services Commission (SFC) announced that this year it will allow institutions to sell cryptocurrency donations and will instruct banks to offer more services to companies linked to the sector.

“South Korea’s top financial regulator will allow charities and universities to sell their crypto donations starting in the second half of 2025. Previously, the SFC had restricted institutions from opening accounts on crypto exchanges.”

The pilot plan includes regulations that will allow 3,500 corporations and professional investors to open real-name accounts in the first half of the year before they are allowed to sell their assets.

The regulator notes that the project represents a positive step towards the adoption of cryptocurrencies that has been restricted by the government since 2017.

The FSC also plans to authorize crypto exchanges to sell their asset holdings, including fees generated by users. The agency will maintain control of “general corporations that are not professional investors and will complete a review after the second phase of the pilot program.”

The purpose of the transactions and the origin of the funds will be verified to avoid common crimes in this sector, such as money laundering.

For this project, the FSC said it will create a working group with the Financial Supervisory Service and the Korean Federation of Banks and the Digital Asset Exchange Alliance, which together will implement the roadmap to achieve the objectives.

M.Pino

Source: cointelegraph

(Reference image source: Daniel Bernard on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada South Korea to allow institutions to sell cryptocurrency donations apareció primero en Bitfinance.