On March 16, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Exchange Act Rule 15c2-11, clarifying that it applies only to equities.
The rule was originally introduced to combat fraud and market manipulation in the OTC stock segment, requiring brokers to verify issuer information before publishing quotes on the over-the-counter market. It applies to brokers that provide quotes for securities not traded on major exchanges.
The SEC said the amendments formalize current practice and remove ambiguity in how the rule is interpreted. They do not introduce separate regulation for crypto assets and do not change their current status.
“Regulation should align with the type of asset, and the proposed change simply reaffirms the original intent of the rule,” said SEC Chairman Paul Atkins.
For the crypto industry, this could be a positive signal. Narrowing the scope of the rule reduces the risk of it being applied to digital assets, whose legal status in the United States remains unclear.
The proposal has been published on the SEC’s website and will be open for public comment for 60 days after publication in the Federal Register.