Trump’s signs of the Bitcoin Strategic Reserve
President Trump signed a prescription on Thursday to create a strategic federal reserve of Bitcoin, reporting new federal support for cryptocurrency in general and Bitcoin in particular.
Scripps News
The acting chief of the American Commission for Securities and Exchange said on Monday that he had ordered the personnel to seek means to abandon a plan that would have expanded the definition of alternative trading systems to include cryptocurrency companies.
The SEC in 2022 proposed to oblige certain cryptographic companies to register as alternative trading systems, arousing criticism from the sector in the face of potentially increased monitoring and additional rules. The acting president Mark Uyeda told an audience of bankers whom he had asked the staff to seek means to abandon this part of the plan, which has not yet been finalized.
It was an expansion of a previous effort aimed at negotiating the markets of treasury bills, said Uyeda in prepared remarks.
“In my opinion, it was an error for the Commission to link the regulations of the treasury markets with a heavy attempt to repress the crypto market,” said Uyeda.
He said he also asked the SEC staff to renew discussions with the Treasury Department, the Federal Reserve and Market Actors to examine the original plans for regulatory modifications on alternative trading systems of securities.
The 2022 proposal was part of a broader effort of the SEC under democratic management to better protect investors by subjecting the cryptography sector to a multitude of rules and requirements.
Under the Republican Directorate, the SEC launched in January a crypto working group to revise its cryptographic policy and began to stop or reject pending proceedings against cryptographic companies.
Report by Chris Pretice in Washington; Edition by Matthew Lewis
