By Elise Hansen (June 3, 2022 at 5:39 p.m. EDT) – Cryptocurrency industry heavyweights such as Andreessen Horowitz and the Blockchain Association condemned the Securities and Exchange Commission’s bid to expand the definition of securities dealers and labeled the proposal as not feasible.
Industry advocates filed a spate of comment letters criticizing the SEC’s proposed rules for securities dealers, which would require more high-frequency trading firms to register as dealers. The SEC noted in a footnote that the new rules would also apply to all digital assets that qualify as securities — already a contentious issue.
Federal law defines a “dealer” broadly as any person engaged in the business of purchasing and…
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