The U.S. SEC has proposed a change to Rule 15c2-11 that could make life easier for crypto brokers. The rule, originally from 1971, requires broker-dealers in over-the-counter markets to keep issuer info up to date before quoting a security.
In 2021, the SEC broadened the rule beyond equities, creating confusion about whether it applies to crypto. Now, the SEC wants to limit it back to equity securities only, meaning crypto may be exempt from these reporting requirements.
A 60-day public comment period is open, and the SEC is asking for feedback on whether crypto should be included and how the rule should work going forward. Commissioner Hester Peirce said this move could clear up years of uncertainty for brokers.
