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MetaMask Developer ConsenSys Challenges SEC's Proposed 'Exchange' Definition, Citing Blockchain Misunderstandings (blockchain.news)

submitted 2 years ago by automaton to c/blockchain

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Blockchain tech company ConsenSys, represented by lawyer Bill Hughes, has formally objected to the Securities and Exchange Commission's (SEC) Notice of Proposed Rulemaking (NPRM) concerning the redefinition of a securities "exchange". ConsenSys contends that the amendments proposed by the SEC would be unlawful if finalized in their current form, as they are intended to apply to blockchain protocols. They allege that the reopening release fails to rectify key legal deficiencies in the proposed amendments, misinterprets the term "exchange" as per the '34 Act, and inappropriately aims to redefine exchanges in order to strengthen the registration of broker-dealers.

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