SEC proposes rule that may exclude crypto from U.S. counter markets

U.S. regulator targets crypto in proposal to restrict brokers

The U.S. Securities and Exchange Commission (SEC) has launched a public consultation to further restrict theRule 15c2-11, which currently regulates the trading of low-liquidity shares on the counter (OTC).The proposal, announced last week, suggests that the rule goes into effectTraditional securitiesExcluding digital assets such as cryptocurrencies.

Since 2020, the SEC has used Rule 15c2-11 not only for stocks, but also to require crypto asset issuers to provide minimum information before their currencies or tokens can be traded by brokers. Now, the proposal makes clear that the regulator is questioning whether this approach should continue.30 October 2024.

Impact on the DeFi ecosystem and Brazilian exchanges

This can create anThe Domino EffectNot only in the US, but also in countries like Brazil, where exchanges and DeFi platforms rely on regulatory clarity to operate with cryptocurrencies.Brazilian Association of Crypto Economy (ABCripto)The Brazilian market is moving.R$ 1.2 trillionin crypto in 2023, with a strong share of tokens traded on the global counter market.

If the SEC confirms the exclusion of crypto from the rule, US and international exchanges will be able toReduce or even interruptThis would directly affect Brazilian platforms that list assets like Bitcoin, Ethereum and other tokens, since many rely on U.S. regulatory infrastructure for liquidity and compliance.

The lawyer who specializes in blockchainby Thiago Luis SombraSouto Correa Lawyers, a partner of the firm, explains that the proposal reinforces a global trend ofRegulatory fragmentation“The SEC is signaling that it wants to treat crypto differently from traditional assets.Duality of treatment“While stocks and securities follow strict rules, digital assets can fall to the mercy of local interpretations, creating legal uncertainty,” he said.

Market Reactions and Scenarios for Brazil

Companies in the industry have already begun to manifest themselves.CircleThe U.S. Bank of America has announced theCointelegraphThis is the first time that we’ve been able to find out what we’re going to be doing.BinanceAlthough it has not officially commented, it is one of the exchanges most affected by changes in the rule, as its platform allows the trading of hundreds of tokens that could be impacted.

In Brazil, aThe Federal Recipeand OThe Central BankThey have advanced in their own regulations, such as the Regulatory Instruction 1.888 and the Legal Framework for Crypto Assets (Law 14.478/2022).Conflicts of Compliance“Brazil needs to prepare for a scenario where the SEC may close doors to certain assets, forcing the local market to look for alternatives,” Sombra said.

Data fromChainalysisIt shows that Brazil is5th largest cryptocurrency market in the world, with more than 12 million active users. If the SEC proposal is implemented, the country could become aAlternative Hubto trade tokens excluded from the US, but this would require an even more robust and attractive regulatory framework for investors.

What to expect from now on?

The public consultation of the SEC is only the first step.If the rule is approved in its current form, the exchanges will have evenMay of 2025This means that the market will have a little more than six months to prepare for possible changes.Reassessment of portfolios, especially in tokens with low capitalization or that are not considered securities in the U.S.

Another factor is the impact onDecentralized Finance (DeFi)Platforms that allow token trading without intermediaries may suffer less direct impact, but lack of overall liquidity may reduce its attractiveness.R$ 50 billionIn 2016, according to aMessengersBut it could be a challenge if the major international players retreat.

While the SEC is not finalising its decision, experts recommend that investors and industry companiesMonitored closely“Regulation is inevitable, but the way it will be implemented can determine who will go ahead,” Sombra estimates.

Conclusion: A Call for Preparation

The SEC proposal is not just a technical adjustment: it is aA clear signThe cryptocurrency market is about to face a new cycle of regulation in the US.Risk as an opportunityWhile the country seeks to secure itself as a regulated crypto hub, the exclusion of certain tokens from the U.S. market may force aReconfiguration of the ecosystem.

Investors and entrepreneurs should be attentive to the discussions in the coming months.The public consultation of the SEC is a chance for the Brazilian sectorInfluence the global narrative, pushing for rules that balance innovation and consumer protection.Adaptation is.

As always, the only certainty is change – and it is up to everyone to prepare for it.