Next for the U.S. SEC: Agency's chief crypto counsel illuminates path for custody
The agency is seeking clearer standards for broker-dealers and advisers as Congress stalls on a broader digital asset framework.
- The CLARITY Act stalled in the Senate on September 15, 2026, when a procedural motion drew 49 votes to 50, falling 11 short of the 60 needed to advance the comprehensive crypto regulatory bill.
- Bipartisan state attorneys general urged the Senate Banking Committee to oppose the bill, arguing it would displace states' police powers to protect citizens from predatory scammers and fraud.
- Following the legislative failure, the Securities and Exchange Commission issued a five-year innovation exemption for tokenized stock trading, while the Commodity Futures Trading Commission submitted a crypto rulemaking proposal to the White House for review.
- Coinbase CEO Brian Armstrong told CNBC, "At this point, I don't think we can wait on Congress and the Senate," signaling industry frustration with the legislative stalemate and reliance on agency action.
- While agency guidance provides immediate regulatory structure, experts note these measures are temporary; seven Senate Democrats reopened negotiations on the stalled legislation within days of the vote.
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The SEC has published a package of measures to set rules on the offer of tokenized shares, while the CFTC has sent the White House a regulatory framework for digital assets
According to ChainCatcher, citing CoinDesk, Taylor Lindman, Chief Legal Counsel of the SEC's Crypto Working Group, stated at the CoinDesk Policy & Regulation event in Washington that the SEC is advancing crypto asset custody rules. The relevant proposals have been submitted to the White House Office of Management and Budget (OMB) for review, covering investment firms and broker-dealers. She stated that the rules aim to clarify how the market can…
SEC president Paul Atkins asked to develop a proposal that would allow investment advisers to directly guard cryptocurrency assets under certain conditions, while state trustees could assume similar functions.
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