SEC Plan for Onchain Markets Hits Roadblock Amid Industry Pushback

The US Securities and Exchange Commission (SEC) has been working on a plan to regulate onchain markets, but progress has stalled. According to sources, the SEC's goal is to provide clarity for market participants in the crypto space.

Last year, the SEC proposed a framework for registration of certain digital asset trading platforms with the agency, which would require them to register as exchanges or broker-dealers and comply with existing securities laws.

However, the plan has been met with resistance from some industry players who argue that it would stifle innovation in the space. The SEC's proposal is seen as a key step towards regulating onchain markets, which have largely operated outside of traditional financial regulations.