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The Blockchain Association has backed the US Securities and Exchange Commission’s proposal to repeal existing stock-market rules.
The group submitted a comment letter on August 18 on the SEC’s proposal to scrap parts of Regulation NMS, The Block reported. In June, the SEC proposed eliminating Rule 611 and Rule 610(e) under the National Market System.
The SEC said removing the rules could simplify a complex market structure and lower trading costs for market participants.
In its letter, the Blockchain Association said the two rules no longer reflect how markets have changed since they were adopted in 2005. “Rules 611 and 610(e) have failed to achieve their original purpose,” the group wrote. Instead, they have imposed substantial and unnecessary costs on market participants over the past two decades.
The association also said repealing the rules could help spur the market for tokenized assets, including traditional financial instruments such as stocks traded on blockchain networks.
“Today’s markets have changed substantially since 2005, and tokenization of traditional financial assets on public blockchains is spreading rapidly,” it said. The existing rules, it added, are constraining the development of blockchain-based securities trading systems.
The group also said repealing the rules could support further development of the tokenized securities market. When evaluating securities trading, investors should consider not only price but also efficiencies offered by tokenized securities, it said.
#Crypto Regulation
#Security Token
Source: en.bloomingbit.io