Why it matters

The new rule could be a blow for U.S. DeFi, but it's more than that. It also suggests the commission's mindset when it comes to policy that affects crypto, and there's more of it coming. Around the same time the agency proposed the dealer rule, it also suggested it wanted to overhaul its definition of what makes an exchange. That proposal was clear in its inclusion of crypto platforms in that expanded category, suggesting the agency is trying to formalize oversight of digital assets firms by making them comply with the same rules as all other securities exchanges.