Regulatory Alerts2023-04-14
Rule 3b-16 Reopening of Comment Period for Crypto and DLT Trading Systems
The Securities and Exchange Commission has reopened the comment period for its proposed amendments to Rule 3b-16, which redefine the statutory definition of an exchange under the Securities Exchange Act. This action provides supplemental economic analysis and clarifies how the updated framework applies to trading systems handling crypto asset securities, distributed ledger technology (DLT), and decentralized finance (DeFi) protocols. The Commission invites public feedback on these specialized applications and general compliance alternatives, with comments due by June 13, 2023.
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