US SEC reviewing new rules for on-chain markets and software apps

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has stated that regulators must clarify how existing frameworks apply to software applications when formulating future rules for on-chain financial markets. According to The Block, the agency is currently reviewing an upgrade to its securities regulations for on-chain activities. This review includes the potential creation of new rules on qualification requirements for crypto exchanges, brokers, dealers, and clearing agencies. Atkins explained that software applications do not fit neatly into the SEC's traditional regulatory roles, such as clearing agencies, brokers, or exchanges. The report also highlighted Atkins' crypto-friendly stance, contrasting it with that of former Chairman Gary Gensler, who maintained a cautious approach and argued that most cryptocurrencies fall under the SEC's jurisdiction.