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FollowingThe U.S. Securities and Exchange Commission (SEC) has submitted a new proposal to the White House aimed at modernizing and clarifying the regulatory framework for custody of crypto-assets held by investment advisers and investment firms. [TAG
SEC Calls for Update to Regulatory Rules
The proposed rule changes are intended to improve existing custody regulations to reflect changes in the structure of digital assets and how securities are traded. The SEC said the changes would remove outdated requirements and reduce unnecessary burdens while continuing to prioritize investor protection. [TAG
In the proposal, SEC officials noted that the rulemaking would address the custody of crypto assets by investment advisers and companies, while introducing updates needed as market practices evolve and asset holding and trading methods advance. The rule will clarify the framework for investment advisers and investment companies to hold crypto assets, and make other modern improvements to remove the burden of certain outdated provisions that are no longer necessary to protect investors given the evolution of markets, securities trading and holding practices.
The SEC is an independent agency responsible for enforcing federal securities laws and regulating the U.S. securities industry, and plays a key role in shaping digital asset regulation methods and investor protection measures.
Legislative progress and delay
The new proposal comes as the U.S. Congress is still debating the Clarity Act. The bill aims to clarify the regulatory treatment of digital assets. Pro-cryptocurrency lawmakers had hoped to vote on the bill before the August recess this year, but the decision has been postponed until September because some Democratic lawmakers objected to the latest draft.
Republican senators, including Cynthia Loomis, accused their colleagues of deliberately obstructing the bill. At the same time, advocates for clearer digital asset regulation remain committed to promoting alternative policy measures.
Regulators push for action
Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said that regardless of the outcome of the Clarification Act, rulemaking for crypto assets will continue to advance and expressed his intention to complete rulemaking before the end of the current U.S. government's term.
Earlier this month, the SEC proposed a framework that would allow token issuers to raise funds in the United States without violating securities laws, further demonstrating the agency's intention to provide clearer regulatory guidance for the digital asset market.
The SEC and CFTC, both federal agencies responsible for overseeing financial markets, including securities and commodity trading, have played an increasingly active role in addressing policy gaps in the digital asset space in recent years.
Administrative and Industry Perspectives
President Donald Trump, who supported the cryptocurrency industry during his campaign and has strong support from technology entrepreneurs, has directed lawmakers to push forward the Clarification Act. Since the beginning of his current term, there has been a significant shift in the way federal agencies regulate the digital asset space.
SEC Chairman Paul Atkins said he is committed to supporting congressional action and pledged to cooperate as the crypto-asset legislative and regulatory framework evolves. Atkins emphasized that he supports Congress in advancing the Clarity Act and continues to work with lawmakers to provide clear and modern regulation of digital assets.
Explanation of Terms: The Clarity Act-legislation currently before the U.S. Congress that aims to establish clear definitions and regulatory guidance for digital assets to reduce legal uncertainty for industry participants.
