One of the more significant rulemaking initiatives under Chair Gensler’s SEC that has not yet been finalized is a proposal to expand the universe of what constitutes an “exchange” for regulatory categorization purposes.    This rulemaking has broader relevance than may at first be apparent to market participants, as its implications extend beyond the world […]

The SEC Chair has stated that in his view, the “vast majority” of cryptoassets are securities, meaning that these products—and market participants—are subject to the federal securities laws and SEC rules.[1]  This poses a conundrum: Compliance with aspects of the securities laws and existing SEC rules is not attainable for cryptoasset securities,[2] absent further regulatory or […]