A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said. A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to include “communication protocol systems” and could go beyond centralized exchanges, the lawmakers said. “For digital assets, the Proposed Rule would go well beyond regulating centralized digital asset platforms and apply to persons acting ‘in concert’...…A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said. A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to include “communication protocol systems” and could go beyond centralized exchanges, the lawmakers said. “For digital assets, the Proposed Rule would go well beyond regulating centralized digital asset platforms and apply to persons acting ‘in concert’...WW…