The Securities and Exchange Commission has published its final framework for cryptocurrency exchange registration, ending years of regulatory ambiguity that plagued the digital asset industry. The new rules establish clear criteria for determining which tokens qualify as securities and outline compliance pathways for trading platforms.
Under the framework, exchanges will have an 18-month transition period to register or demonstrate compliance with existing exemptions. The SEC also introduced a new category of limited-purpose broker-dealer designed specifically for crypto-native firms.
Industry leaders have largely welcomed the clarity, though some critics argue the registration requirements are overly burdensome for smaller platforms and could consolidate market power among established players.
