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)

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 The SEC could exclude crypto companies from registration as securities brokers apareció primero en Bitfinance.

Robinhood Securities LLC and Robinhood Financial LLC will be required to pay a $45 million fine for failure to comply with various rules imposed by the U.S. Securities and Exchange Commission (SEC).

SEC official Sanjay Wadhwa said: “Today’s order finds that two Robinhood firms failed to comply with a broad range of significant regulatory requirements, including failing to accurately report trading activity, comply with short-selling rules, file suspicious activity reports on a timely basis, maintain books and records, and protect customer information.”

The investigation includes charges of providing suspicious data since 2019, exposing customer data to hackers, violating regulations on “maintaining electronic communications and protecting operational data,” among others.

Both brokers admitted to the SEC’s allegations and have agreed to “conduct internal audits and remediation plans to address these issues.” In this regard, Robinhood Securities will pay a fine of $33.5 million and Robinhood Financial will pay $11.5 million.

M.Pino

Source: beincrypto

(Reference image source: Bermix Studio 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 Robinhood fined $45 million by SEC apareció primero en Bitfinance.