Why Was the SEC’s Big Crypto Meeting Canceled? Big Names Emerge From Behind the Scenes! Here Are the Details

New developments continue to emerge regarding planned regulations for the US cryptocurrency market. First, a meeting scheduled for Friday by the SEC, where a new regulatory framework for initial public offerings of crypto assets was to be discussed, was canceled at the last minute. The SEC was expected to initiate the formal rule-making process for this new framework, dubbed “Regulation Crypto Assets,” at that meeting.

One of the first to announce the cancellation of this meeting was American journalist Eleanor Terrett, who stated in her post that the SEC’s official reason was “an unforeseen programming problem.”

While speculation continues in the market about why the meeting was canceled, some sources are now pointing the finger at Wall Street.

Is the SEC Under Pressure from Wall Street?

According to Decrypt, Wall Street played a role in the cancellation of the SEC’s Friday meeting. Sources say that pressure from the Securities Industry and Financial Markets Association (SIFMA), a major Wall Street organization, was instrumental in the cancellation.

According to sources who spoke to Decrypt, SIFMA opposed the SEC’s creation of a framework that could provide crypto companies and tokenization firms with broad exemptions from existing securities regulations.