U.S. SEC Clarifies Rule 15c2‑11 Applies Only to Equity Securities
The U.S. Securities and Exchange Commission (SEC) has clarified that Rule 15c2-11 applies only to equity securities, not to other asset classes such as crypto-linked products. The rule aims to prevent manipulative and fraudulent trading in over-the-counter (OTC) equity markets and requires broker-dealers to gather and verify key information before quoting or maintaining a market for OTC securities.
Commissioner Hester Peirce expressed support for the amendment, acknowledging that earlier amendments had created confusion regarding the rule’s scope. She encouraged public comments on the proposed revisions, particularly regarding the definition of equity securities, the rule’s applicability to crypto assets, and the establishment of expert markets.
This clarification resolves previous uncertainty that led some brokers to halt crypto trading due to legal concerns. The move follows a recent SEC framework focused on developing a token taxonomy to categorize cryptocurrencies and determine their regulatory status.
TheNewsCrypto03/17 14:07
