SEC narrows OTC rule to equities and weighs ending quarterly earnings, leaving crypto regulatory questions

The SEC has proposed narrowing the scope of Rule 15c2-11, its decades-old over-the-counter (OTC) quotation rule, to equity and fixed-income markets, an approach that has left crypto assets in regulatory limbo because the agency has not issued clear guidance on whether digital tokens fall under broker-dealer quoting requirements. Rule 15c2-11 governs when broker-dealers may publish OTC quotations and was first adopted in 1971; the agency's effort to limit the rule to traditional securities has prompted questions about how tokens and other digital assets will be treated under existing quotation and broker-dealer obligations ^{[1] [2]}.

Separately, reporting indicates the SEC is considering reforms to corporate disclosure that could make quarterly earnings reports optional and allow companies to report semiannually, a change characterized as a potential end to the standard 90-day earnings cycle. Coverage notes the proposal would alter the cadence of public-company reporting, though the precise rule language and implementation timeline remain subject to the SEC's rulemaking process ^{[3] [4]}.

Together, the agency's OTC-rule focus on traditional securities and its consideration of reporting-cycle reform have generated industry scrutiny over regulatory clarity for digital assets and how changes to disclosure requirements may affect market participants and public companies ^{[1] [2] [3]}.