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BTC The U.S. Securities and Exchange Commission plans to revise cryptocurrency custody rules
As the Bitcoin and cryptocurrency markets have risen rapidly in recent days, the U.S. Securities and Exchange Commission (SEC) is preparing to revise relevant rules on the holding of cryptoassets by investment advisers and investment companies.
Currently, the SEC has taken new measures to update the regulatory framework of the cryptocurrency market. According to Bloomberg, the SEC submitted a proposal to the White House Office of Management and Budget (OMB) on August 25 to clarify the rules for investment advisers and investment companies to hold crypto assets.
Seeking clarity in the cryptocurrency arena!
The proposal, known as the "Custody Rule Amendment" in the SEC's official regulatory records, aims to update existing rules for investment advisers and mutual funds to protect client assets, particularly in response to current uncertainties in the custody of crypto assets.
The SEC's proposal is intended to create a clearer framework for how investment advisers and investment companies can hold crypto assets under existing rules. The proposal not only aims to create new rules for crypto assets, but also plans to remove some existing custody requirements that the SEC deems "outdated" due to market evolution and current trading and holding practices.
Go through the White House first, then to the SEC!
The proposal will be reviewed by the SEC and subsequently released to the public after review by the White House OMB. Proposals must be voted on by SEC committee members before they can be announced. After that, the rule will be open for a public comment period of at least 60 days. Finally, the SEC still needs to hold a final vote before the rules can take effect.
An important step for the cryptocurrency market!
Experts said that the SEC's move is of great significance to making the U.S. regulatory approach to crypto assets clearer and in line with market conditions. For institutional investors, especially investment advisers and investment companies, it is crucial to clarify the rules for crypto-asset storage.
* This is not investment advice.
