The US Securities and Exchange Commission has withdrawn several proposed rules, including those related to crypto custody and exchanges, issued under the Biden Administration. The SEC announced the rescission of notices of proposed rulemaking issued between March 2022 and November 2023 under former Chair Gary Gensler. The agency clarified that it does not plan to finalize these proposals and will introduce new rules if its stance changes in future regulatory actions. This move aligns with President Donald Trump's agenda of deregulating crypto and traditional markets. Among the withdrawn rules is Rule 3b-16, which aimed to broaden the definition of 'exchange' to include decentralized finance protocols and enhance crypto custody standards for investment advisers. The SEC's decision also impacts rules concerning cybersecurity risk management, reporting, and ESG requirements for public companies. Read more AI-generated news on: https://app.chaingpt.org/news

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