SEC officially abolishes tough proposals against DeFi and custody put forward during Gary Gensler's era

On June 13th, according to The Block, the US Securities and Exchange Commission officially withdrew several proposed rules on Thursday that would impose stricter regulation on DeFi and cryptocurrency custody. These proposals were put forward under the leadership of former chairman Gary Gensler, who led the agency's "law enforcement and regulatory" approach. The proposal to be abolished includes a proposed revision to Rule 3b-16 of the Exchange Law, which was released in April 2023. This proposal attempts to expand the definition of an exchange, particularly by incorporating decentralized financial platforms into the regulation of national securities exchanges. The proposal has drawn criticism from various sectors of the industry.