Breaking it down

Deep in the recesses of the actual document behind the SEC's final rule on what makes a dealer, it outlined how the commission thought for a moment about whether it just ought to carve DeFi out of the new definition, which could otherwise cover some crypto projects with requirements they register and comply with securities laws. The agency noted that industry commenters told the SEC that such compliance could actually be impossible, but the regulator ultimately shrugged. "If the commission were to revise the final rules to carve out or narrow the application to market participants who transact in crypto asset securities, that alternative would reduce costs for such market participants," it noted in the rulemaking document. So, it wouldn't be fair to everybody else to grant crypto world's argument, the agency decided in that rulemaking, which was narrowly approved in a 3-2 vote with both Republican commissioners vehemently against the move in their public remarks.