The SEC continues to change the definition of “exchange” and alternative trading systems, Chairman Gary Gensler said at the U.S. Treasury Markets Conference.

- The new definition of “dealer” includes more market players, causing controversy in the digital asset space.

- The new proposal would require registration for platforms as market makers for government securities, which could impact DeFi.

Prometheum and tZero are the first alternative trading systems to receive special broker-dealer status for digital asset securities.

Gensler did not mention crypto or DeFi in his speech, but asserted that the crypto industry is already sufficiently regulated by existing laws.

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