The final appeals are filed against the SEC’s unpopular proposal on the definition of an exchange.
. It did address digital asset platforms. The amendments could profoundly impact the crypto industry, according to observers, and they have drawn numerous negative reactions.the proposal for expanding the definition of exchange so much that it “could capture a wide range of individuals […] Including software developers and participants in a blockchain network’s consensus mechanism,” and exceed the agency’s regulatory authority with the inclusion of “Communication Protocol Systems.
“It is not clear how a developer or any other person operating software critical to the functioning of blockchain network could be in compliance with the regulatory requirements for an exchange.” The proposal is an example of the SEC’s hostility toward blockchain technology, the letter concluded, and advances SEC chair Gary Gensler’s personal views “without adequate analysis or justification.”
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