Chairman of the U.S. House Financial Services Committee: Calls for the SEC to withdraw its definition of "exchange," the SEC is hostile to new technologies

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry has sent a letter to the SEC requesting the withdrawal of the rules established by the SEC regarding the definition of "exchange."

Patrick McHenry believes that the rules set forth by the SEC exceed its statutory authority and are contrary to the SEC's mission to protect investors and promote capital formation. He also stated that the SEC's proposed rules demonstrate hostility towards new technologies, attempting to force fundamentally different technologies into rules established decades ago for traditional platforms. This will have a significant impact on the further development of the field. Patrick McHenry stated that the rules established by the SEC expand the definition of an exchange, making innovation more difficult. (Source link)