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(Bloomberg) -- A Securities and Exchange Commission proposal requiring digital asset exchanges to register under alternative trading system rules is in for an overhaul. Most Read from BloombergNJ College to Merge With State School After Financial StressNYC Congestion Pricing Toll Gains Support Among City ResidentsWhere New York City's Zoning Reform Will Add HousingBuffalo’s Billion-Dollar Freeway Fix Is on Ice, But Not Because of TrumpInside the ‘Not Architecture’ of High Line Designers Diller S

Bitcoin tumbled below $79,000 on Monday, extending its Sunday decline as fears of a recession loom.

The acting chief of the U.S. Securities and Exchange Commission said on Monday he has directed staff to look at ways to abandon a plan that would have widened the definition of alternative trading systems to include some cryptocurrency firms. The SEC in 2022 proposed requiring some crypto firms to register as alternative trading systems, drawing criticism from the sector in the face of potentially heightened oversight and additional rules. Acting Chairman Mark Uyeda told an audience of bankers he has instructed staff to look at ways to abandon that portion of the plan, which has yet to be finalized.

The securities regulator's long-delayed rule expanding the scope of regulated exchanges shouldn't have tried to include crypto, Mark Uyeda argues.

Futures expiring on Friday have slipped into a discount, reflecting demand weakness.

Trump tells Fox News that the country will experience a “period of transition.”

Here's what Trump's economic policies and the strategic Bitcoin reserve announcement may mean for crypto investors.