Crypto▼ Bearish
SEC Drops Surprise Regulation Crypto Proposal After Meeting Cancellation
SEC publishes formal crypto regulation proposal after canceling closed-door meeting. 70-day comment period opens before final vote. Industry faces new compliance standards.
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The SEC published a formal proposal for crypto asset regulation late Wednesday, hours after canceling a closed-door meeting where commissioners were set to debate the rules. The proposal, called "Regulation Crypto," lays out registration and compliance standards for exchanges and token issuers, the agency said in a statement.
The canceled meeting had been scheduled for Friday. No reason for the cancellation was given. The proposal's release without a prior vote marked an unusual move for the SEC, which typically holds public deliberations before publishing major rulemakings.
Under the plan, crypto trading platforms and token projects would need to register with the SEC and meet disclosure requirements. The framework also covers financial protocols that handle digital assets, the statement said. The agency did not provide details on how existing tokens would be classified under the new rules.