SEC Rescinds Controversial Crypto Rules, Signaling Regulatory Shift

The U.S. Securities and Exchange Commission (SEC) has withdrawn several key regulatory proposals aimed at the cryptocurrency industry, signifying a major shift in regulatory policy. The SEC’s decision effectively eliminates the Custody Rule and Rule 3b-16, two controversial measures that had been central to a stricter enforcement approach under former Chairman Gary Gensler. This reversal marks a significant change towards clearer regulatory standards for crypto companies and fuels optimism within the industry.