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SEC Approves Sweeping Changes to Rules Governing Brokers’ Use of Data Analytics

The SEC has approved changes to rules regarding the use of "optimization functions" by brokers, which includes the use of data analytics tools. The changes seek to prevent brokers from using these tools to their benefit, as it could create a conflict of interest when interacting with investors.

The proposal passed in a 3-2 vote along party lines, with Commissioner Hester Pierce and Republican Mark Ayuda dissenting. The rules updates would only apply to cryptocurrency and digital assets transactions made through a broker/dealer registered with the SEC, and citizens will have 60 days to submit comments before the committee holds a final vote.

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