According to The Block, SEC Chair Paul Atkins said on Friday the agency should pursue notice and comment rulemaking to clarify how its regulatory framework applies to onchain financial markets and software applications. Atkins noted that software protocols often combine functions traditionally categorized separately—such as trading execution, collateral management, and settlement—within unified automated systems, making them difficult to fit into existing SEC roles like broker, exchange, or clearing agency. He called for clearer definitions around decentralized finance applications, including crypto vaults that enable passive yield earning.
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