SECs Uyeda indicates possible revisions in Crypto custody rule

The US Securities and Exchange Commission (SEC) can revise or leave the controversial proposal from former chairman Gary Genler that Crypto Guardian Sorms for Investment Advisors would sharpen.

Under the two -year -old of Gensler proposalThe SEC tried to expand the federal guardianship rules to record assets such as crypto, whereby investment advisers must keep customer assets with qualified custodes, such as banks with federal or by the state -chartered banks.

In comments At an investment conference in San Diego on Monday, acting SEC chairman Mark Uyeda Recognized ‘considerable worries’ brought by the industry commentators about the ‘broad scope’ of Gensler’s proposal.

“Given such a concern, there may be significant challenges to continue with the original proposal,” said Uyeda.

The supervisor said he had instructed the SEC staff to work together with the Crypto Task Force of the Bureau to explore alternatives, including completely withdrawing the rule.

The leadership of the former SEC chairman was determined by strict crypto supervision, but his dismissal Before Trump took office, she marked a hinge in the regulatory direction of the sec.

The position of the SEC compared to Crypto has been considerably shifted under the leadership of President Donald Trump, with a more mild and collaboration approach that replaces the hostile regulatory attitude of the Biden administration.

With Uyeda now at the helm, the SEC reconsions various important policy measures from the Genler era, including controversial crypto regulations, which led to a lawsuit by 18 states before his departure.

The changes reconsider The extensive definition of “exchanges” and stopping the enforcement of certain rules aimed at crypto companies.

The sec under Trump too withdrawn The S -Staff Bulletin (SAB) 121 Rule, which required companies to hold Crypto assets to include them as obligations on their balance sheets.

The regulator has since dropped enforcement actions against large crypto companies, including Binance” CrackAnd CoinbaseAmong other things, what a major lighting of the burdensome legal battles and uncertainty indicates that industry has plagued in recent years.

In accordance with the approach of the Trump government for crypto -regulation, an important crypto initiative was the formation of a dedicated Crypto Task Force Led by Commissioner ‘Crypto Mom’ Hester Peirce.

The Task Force has the task of working closely with the crypto industry, with its inaugural round table: “How we are here and how we get out – define the security status”, “, planned Are held on Friday.

Published by Sebastian Sinclair