Paradigm: The SEC's redefinition of exchanges exceeds its statutory jurisdiction and violates the Administrative Procedure Act

Message: Paradigm commented on the SEC's redefinition of "exchanges," stating, "Through this arbitrary rule-making, the SEC is improperly attempting to bring cryptocurrency trading platforms, including DEXs, under its jurisdiction and regulate them as securities exchanges. The SEC's rule-making proposal far exceeds its statutory authority and violates the Administrative Procedure Act, and should be withdrawn immediately. The 'exchanges' that the SEC has the authority to regulate are those that act as intermediaries for securities trading and are operated by specific entities capable of taking collective action; DEXs lack both of these key functions." (Source link)