The SEC just proposed a rule that would expand the definition of regulated "dealers" to include people who "employ passive market making strategies" that have "the effect of providing liquidity" to others.
Worth reading the whole thread. The US SEC keeps doing this - gnawing at crypto by a thousand footnotes. There is a larger world out there; why does anybody care about the SEC? Move away from its tentacles.
IMO crypto needs to seriously look at the Eurodollar markets and their history. Imagine, Dollars outside the grasping hands of the US SEC! This needs more lawyers rather than coders. lmao.