Amidst the ever-shifting sands of regulatory fervor, the U.S. Securities and Exchange Commission (SEC) has, with a flourish of bureaucratic elegance, withdrawn several rule proposals that once loomed over the crypto landscape like dark clouds. These proposals, the brainchildren of the former Chair, the illustrious Gary Gensler, sought to cast a wider net of federal oversight over decentralized finance (DeFi) platforms and tighten the screws on the custody of crypto assets. Alas, such grand designs were not to be.
One of the more audacious proposals, unveiled in the spring of 2023, aimed to redefine the very essence of an exchange under Rule 3b-16. Had this rule seen the light of day, it would have ensnared DeFi platforms in the same regulatory quagmire as national securities exchanges. The crypto community, ever vigilant, rallied against this encroachment, with experts from Paradigm suggesting that the SEC might benefit from a more collaborative approach, perhaps even consulting with the DeFi community. Imagine that! 🤔
Another proposal, no less ambitious, sought to compel investment advisors to entrust crypto assets to qualified custodians. This, dear reader, sent shockwaves through the industry, as it threatened to shrink the already limited pool of banks willing to handle digital assets. The specter of reduced liquidity and increased costs was too much to bear.
These proposals, already on life support since March 2025, thanks to the intervention of the then acting SEC Chair, Mark Uyeda, have now been formally laid to rest. The commission, it seems, has heeded the call of the crypto community and the changing political winds. Other withdrawals include Gensler-era regulations on cybersecurity and ESG (Environmental, Social, and Governance) standards for investment companies.
Gensler, who presided over the SEC from 2021 to January 2025, was a figure of controversy, often criticized for his approach of “regulation by enforcement,” which many felt cast the crypto industry into a legal twilight zone. The election of a pro-crypto President, Donald Trump, has ushered in a new era, with the current SEC Chair, Paul Atkins, taking a more accommodating stance. Atkins has even gone so far as to declare self-custody an “American value” that should extend to digital assets. A refreshing change, indeed! 🇺🇸✨
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2025-06-13 09:43