Atkins proposes formal rulemaking to define what an exchange is in cryptocurrency networks.
It is proposed to adjust the legal framework for systems that execute trading, liquidity and settlement.
The United States Securities and Exchange Commission (SEC) evaluates modernizing securities regulations to adapt them to the markets on chain and to operations developed on cryptocurrency networks. This was stated by the president of the organization, Paul S. Atkins, during a speech given on May 8, 2026 at the SCSP AI+ Expo.
In his speech, Atkins argued that many of the structures currently used in the cryptocurrency ecosystem do not fit neatly within the SEC’s traditional regulatory categoriessuch as exchanges, brokers, dealers and clearing agencies (clearing and settlement entities).
“Current software is not always organized neatly under those categories,” Atkins explained. As detailed, the same protocol can execute trading operations, manage liquidity and collateral, deploy automated performance strategies and settle transactions almost instantly within a single infrastructure. on chain. Given that scenariothe SEC is studying developing new rulemaking —formal mechanisms to create regulatory rules—specifically focused on markets on chain.
One of the main points mentioned by Atkins is the possible revision of the definition of “exchange” to trading platforms and systems built on cryptocurrency networks. The regulator is also analyzing how broker and dealer rules should apply to decentralized protocols and software interfaces.
Additionally, the SEC is evaluating modifying the regulatory treatment of clearing agenciestraditionally charged with ensuring that financial transactions are completed correctly between buyers and sellers. Atkins noted that This model could become obsolete in systems where transaction settlement occurs almost instantaneously. and counterparty risk is managed through automated mechanisms.
Another of the topics under review are the so-called “crypto vaults”, applications on chain used to generate passive returns through strategies DeFi. According to Atkins, the SEC is seeking greater clarity on how these tools interact with the United States Securities Act and the Investment Advisers Act, rules that regulate the issuance of financial assets and investment advisory services.
The statements were interpreted by the industry as a sign that the SEC intends gradually move away of the “regulation through sanctions and lawsuits” approach, known in the United States as enforcementwhich characterized previous stages of the organism.
Under Atkins’ presidency, the agency has promoted initiatives aimed at reducing regulatory uncertainty through guides, technical statements from officials and no-objection letters, documents where the SEC indicates that it will not recommend legal action against certain activities or business models.
However, Doubts persist about the speed with which these changes could be made. The regulatory proposals of the SEC will require formal processes of public consultation and coordination with other agencies and with the US Congress. In this context, let us remember that recent delays have already been generated in other regulatory projects linked to digital assets. As CriptoNoticias reported, the Clarity law faces delays due to disagreements between legislators, traditional banks and industry actors on issues such as the legal treatment of yield in stablecoins.
The market will now continue to monitor potential regulatory drafts, public comment periods, and new SEC guidance, as these initiatives could shape how financial regulation will evolve. on chain and DeFi applications in the United States over the next few months.