On June 12, 2025, the SEC rescinded 14 proposed regulations targeting cryptocurrency custody and decentralized finance (DeFi), including rules that would have expanded the definition of 'exchange' to include DeFi platforms. This move reflects a shift towards a more favorable regulatory environment under new Chair Gary Atkins, who aims to foster innovation and reduce regulatory burdens on digital asset providers. The rescinded rules had faced significant opposition from crypto advocates and were seen as potentially stifling to the industry.