SEC eases quorum rule, allows 1 commissioner for crypto rulemaking

The U.S. SEC has eased its quorum requirement, facilitating cryptocurrency-related rulemaking. The SEC and U.S. CFTC are currently making regulatory decisions for the approximately 3000000000000 dollar crypto market with only three commissioners due to ongoing leadership vacancies, as both agencies are intended to have five commissioners. A final rule announced on Sept. 30 changed the quorum requirement, effective Oct. 2. Under the new rule, if certain conditions are met with only two commissioners remaining, one commissioner can constitute a quorum. Meanwhile, the passage of a digital asset market structure bill in U.S. Congress has been delayed, prompting the SEC and CFTC to draft their own rules using existing legal authority. The CFTC plans to pursue a crypto regulatory proposal related to exchanges in October. The White House has not announced new nominees to fill the vacancies at either agency, indicating that decision-making power in crypto rulemaking will likely remain concentrated among a few commissioners for now.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.