So, the U.S. Securities and Exchange Commission (SEC) decided to take a step back from the crypto crackdown initiated by former Chair Gary Gensler. 🙌 It’s like the SEC finally realized that trying to fit a square peg into a round hole wasn’t going to work, and the crypto industry is saying, “Thank you, next!”
According to the official announcement, the SEC has officially withdrawn 14 notices of proposed rulemaking issued between March 2022 and November 2023. These included the infamous Exchange Act Rule 3b-16, which tried to define DeFi platforms as exchanges, and the crypto custody rule, which basically told crypto businesses, “You can’t handle the crypto!”
Coinbase’s Chief Legal Officer, Paul Grewal, took to X (formerly known as Twitter) on June 13 to celebrate the SEC’s decision. “Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals,” he said, as if he was announcing a major sports victory. 🏆
Bill Hughes, the director of global regulatory matters at ConsenSys, also chimed in, saying it “feels good.” Joe Lubin, founder of ConsenSys, had previously argued that digital assets are a whole different ball game and need their own set of rules. 🎱
Feels good
— Bill Hughes 🦊 (@BillHughesDC) June 13, 2025
Other crypto execs, like Solana Labs co-founder Anatoly Yakovenko, joined the celebration, hailing it as a victory for crypto innovation and a step towards more reasonable regulations in the U.S.
Acting SEC Chair Mark T. Uyeda has been trying to smooth things over between the SEC and the crypto community. He’s acknowledged the friction and is pushing for new rules that actually make sense for the crypto world, rather than just slapping them with old securities laws. 🤝
Since then, the SEC Crypto Task Force has been working on bringing clarity to the industry with a new framework and regulatory guidelines. They’ve even dropped some of the enforcement actions, including those pesky lawsuits against Binance, Ripple, and other crypto firms. It’s like they’re saying, “Let’s start fresh and actually understand what we’re dealing with.”
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2025-06-13 10:45