The US Securities and Exchange Commission (SEC) has proposed amendments to Rule 15c2-11, which governs certain information gathering and review requirements for broker-dealers. The proposal would limit the rule's application to equity securities, excluding digital assets from its scope.
This change is seen as a significant shift in the agency's approach to regulating digital assets. Previously, the SEC had been trying to fit crypto into traditional securities frameworks, which were not designed with digital assets in mind. The proposed amendments would clarify that Rule 15c2-11 applies only to equity securities, and does not cover other asset classes.
SEC Chairman Paul S. Atkins framed the move as a matter of regulatory fit rather than ideology, stating that 'regulations should be appropriately tailored to fit the asset class to which they apply.'