Coin Center called the controversial SEC's proposal, that sought to redefine the definition of 'exchange', as unconstitional.
SEC’s Proposal to Amend the Definition of Exchange Violates the First Amendment, Says Coin CenterCoin Center called the controversial SEC’s proposal, that sought to redefine the definition of “exchange”, as unconstitional.
Coin Center has vehemently pushed back the controversial SEC proposal that sought to redefine the definition of “exchange” within the Securities Exchange Act in a bid to “include systems that offer the use of non-firm trading interest and communications protocols to bring together buyers and sellers of securities.” The group deemed the regulator’s move as “unconstitutional.”filing a comment letter with the United States Securities and Exchange Commission .
While arguing that the implications on developers, publishers, and republishers would be adverse, Coin Center’s comment letter stated:“A new SEC proposal has a serious change hidden within its complex language. Bottom line: The proposal violates the First Amendment by requiring a license to speak—even of open source developers. It’s unconstitutional and they should change it. Coin Center is pushing back.
The regulatory authority’s interpretation of “exchange” is deemed as inappropriately broad since the lengthy 200 pages document never mentions crypto or DeFi once. Coin Center also cited Supreme Court’s previous precedent, which could potentially compel the SEC to withdraw the proposal if it finalizes the new rule as drafted.
Coin Center also stated that the Commission should narrow the definition of “exchange” before finalizing the proposal to true professional conduct. Failing to do so could cool down substantial protected speech, and stifle innovation in the country, besides facing an unfriendly Court that the lobby believes, is “primed to vindicate the First Amendment freedoms.”
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