The SEC has withdrawn over a dozen rules the agency proposed under Joe Biden, including two crypto-related rules targeting DeFi and digital asset custody CoinTelegraph reported.
The SEC said on Thursday that it was “withdrawing certain notices of proposed rulemaking” that were issued between March 2022 and November 2023 under former Chair Gary Gensler.
The agency added that it “does not intend to issue final rules with respect to these proposals,” and new rules will be proposed should it change its stance in future regulatory action.
It’s President Donald Trump’s latest regulatory rollback, which has promised sweeping deregulation of crypto and traditional markets.
“Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals,” Coinbase chief legal officer Paul Grewal posted to X.
Among the 14 rules withdrawn by the SEC was Rule 3b-16, which would have expanded the definition of “exchange” to include decentralized finance protocols and tightened crypto custody standards for investment advisers.
The amendment defined certain terms used in the definition of “exchange” to include “systems that offer the use of non-fire trading interest and communication protocols to bring together buyers and sellers of securities.”
Coinpedia reported: Donald Trump’s return to power is already sending shockwaves through the crypto industry – but this time, in a good way.
After promising pro-crypto reforms during his campaign, Trump has now followed through. His administration has officially rolledback at least 14 controversial crypto rules introduced under former SEC Chair Gary Gensler — signaling what many believe is the start of a new deregulatory era for crypto in the U.S.
In a major move aligning with President Trump’s pro-crypto and deregulator agenda, the U.S. Securities and Exchange Commission (SEC), now led by crypto-friendly Chair Paul S. Atkins, has withdrawn multiple rules that were considered harmful to digital asset innovation.
Most of these policies, introduced between March 2022 and November 2023 during Gensler’s tenure, were seen as overreaching and restrictive.
The previous Biden Administration maintained a conservative and skeptical stance toward crypto. Gensler’s SEC took an aggressive regulatory approach that many in the industry labeled as hostile — targeting DeFi platforms, custodians, crypto derivatives, and more.
Inside Bitcoins reported: The US Senate has scheduled its final vote for the GENIUS Act for June 17 as the Securities and Exchange Commission (SEC) scraps a series of crypto rules that were proposed under the Biden administration.
The official website for the Senate Democrats revealed the scheduled date in a notice yesterday. The exact time for the vote will be decided later by the Majority Leader in consultation with the Democratic Leader, the notice added.