Industries

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

SEC proposal could impact crypto/DeFi

While the proposed rule makes no mention of blockchain or digital assets, observers see a path for the SEC to extend its reach.

view of skyscrapers from below
Cryptocurrency, digital assets and blockchain technology

Until recently, dealers in government securities have benefited from technological advances and innovation that has transformed nearly every stage in the securities trading lifecycle. They have been somewhat insulated from the burden of new regulations. A new SEC rule proposal could change that by increasing regulation in government securities trading, and perhaps incongruously, increasing regulation of trading in crypto assets.

On January 26, 2022, the SEC published a proposed rule to modify the definition of “exchange” to include “Communication Protocol System.” The stated purpose of this proposed modification is to align the regulatory environment for government securities trading with that of equity securities by expanding the definition of “exchange” to include a new class of regulated trading platform, the Communication Protocol System—which, while not defined, generally refers to software used by many dealers of government securities for execution and price discovery. What this proposed expansion of exchange may also do is require certain crypto trading platforms, e.g., decentralized exchanges, to register with the SEC and adopt compliance and governance programs similar to that of an exchange or an ATS.

Explore our latest publication that covers the SEC proposal’s impact on government securities trading and the potential impact on trading crypto assets, covering:

  • An overview of government securities trading
  • Characteristics of an exchange
  • Key terms: “trading interest”, “bring together”, and “non-discretionary methods”
  • Potential impact on crypto and DeFi

Dive into our thinking:

SEC proposal could impact crypto/DeFi

While the proposed rule makes no mention of blockchain or digital assets, observers see a path for the SEC to extend its reach.

Download PDF

Crypto and digital assets: Regulatory challenges

Regulatory focus is increasing as usage by investors, companies, and some central banks grows.
Read more
a line of dominoes falling

Explore more

Crypto and digital assets: Regulatory challenges

Regulatory focus is increasing as usage by investors, companies, and some central banks grows.

Read more

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline