In the Press
April 14, 2023

U.S. SEC To Weigh Taking More Feedback On Plan To Expand 'Exchange' Definition (Reuters)

The U.S. Securities and Exchange Commission met on Friday to open public comment again on its proposal to expand the definition of an "exchange," clarifying that its existing rules on exchanges also apply to decentralized cryptocurrency platforms. While the crypto industry has urged the SEC to provide regulatory clarity, Friday's move provided "very few answers" and likely raised additional questions for the sector, said Nicholas Losurdo, Financial Services and Digital Currency & Blockchain partner and previous counsel to former SEC Commissioner Elad Roisman. "They want to say, 'Our existing rules work, all you need to do is fit within them,' but they don't in many ways, and I think that's another thing that the agency is grappling with," he said to Reuters.