US SEC, CFTC to Oversee Crypto Market With Reduced Leadership
The proposal would let advisers use limited self-custody and state trust companies while updating audit and broker-dealer custody rules for crypto assets.
- On Thursday, the SEC proposed new rules governing how registered investment advisers and regulated funds hold crypto assets, updating custody requirements under the Investment Advisers Act and the Investment Company Act.
- The CLARITY Act failed in the Republican-controlled Senate earlier this month, forcing financial agencies to advance crypto regulation through existing rulemaking authority rather than congressional legislation.
- SEC Chairman Paul Atkins stated the proposal provides a "clear regulatory framework" for digital asset custody, addressing audit requirements and permitting self-custody in limited situations.
- Seven commissioner seats at the SEC and the Commodity Futures Trading Commission will be empty after Friday, as Hester Peirce, known as "Crypto Mom," departs, leaving the SEC with two commissioners.
- With the $3 trillion crypto industry facing oversight by minimal staff, a White House official stated President Donald Trump intends to nominate members to both agencies in the near future.
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US SEC’s Crypto Regulatory Work ‘not Finished,’ More Proposals Ahead: SEC Chair Paul Atkins
Get latest articles and stories on Business at LatestLY. The US Securities and Exchange Commission (SEC) plans to roll out additional regulatory proposals for crypto assets, Chair Paul Atkins said, stressing that the regulator’s work to develop a comprehensive framework for the sector is “not finished.” Business News | US SEC’s Crypto Regulatory Work ‘not Finished,’ More Proposals Ahead: SEC Chair Paul Atkins.
Cointelegraph
The New York LedgerUS SEC, CFTC to Oversee Crypto Market With Reduced Leadership
The SEC and CFTC, soon to be led by three commissioners combined, appear to be moving forward with crypto-related guidance following the failed vote on the CLARITY Act.
SEC Proposes Crypto Custody Rules For Advisers And Funds
BitcoinWorld SEC Proposes Crypto Custody Rules for Advisers and Funds The U.S. Securities and Exchange Commission has proposed new rules governing how registered investment advisers and regulated funds custody crypto assets, an effort Chairman Paul Atkins said would replace “the grey of uncertainty created by custody rules crafted for a bygone era,” according to Cryptopotato. The proposal, issued under the Investment Advisers Act of 1940 and the…
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