Paradigm: US SEC's redefinition of exchanges exceeds SEC's legal jurisdiction and violates Administrative Procedure Act

Paradigm commented on the U.S. Securities and Exchange Commission’s (SEC) redefinition of “exchange,” saying, “Through this arbitrary rulemaking, the SEC inappropriately seeks to include crypto trading platforms, including DEXs, within its remit and It is regulated as a securities exchange. The SEC's proposed rulemaking is far beyond the SEC's statutory jurisdiction and violates the Administrative Procedure Act, and should be withdrawn immediately. The "exchange" that the SEC has the authority to regulate is as an intermediary for securities transactions Institutions and exchanges run by a few specific entities capable of acting collectively, DEXs lack these two critical functions. "