SEC proposal narrows Rule 15c2-11 to equity securities and invites input on crypto assets

The United States Securities and Exchange Commission has proposed amending Rule 15c2-11 so that its over-the-counter broker-dealer reporting obligations apply only to equity securities, rolling back a 2021 interpretation that extended it to fixed-income instruments. The regulator has opened a 60-day public comment period to gather feedback on how the rule should define "equity security," whether and how it should cover certain crypto assets, and the potential creation of an "expert market."