SEC Cancellation Sparks Fears of Wall Street Influence Over Crypto Regulations

A meeting scheduled by the SEC to discuss a new regulatory framework for initial public offerings of crypto assets was canceled at the last minute. The meeting, which was set to take place on Friday, was expected to initiate the formal rule-making process for 'Regulation Crypto Assets.'

The SEC cited an 'unforeseen programming problem' as the reason for the cancellation, according to American journalist Eleanor Terrett.

However, sources have pointed out that Wall Street may be behind the decision. The Securities Industry and Financial Markets Association (SIFMA), a major Wall Street organization, reportedly opposed the SEC's plan to create a framework that would provide crypto companies with broad exemptions from existing securities regulations.

SIFMA has signaled that it could take legal action if the SEC took such a step, which may have influenced the SEC's decision to postpone the meeting.