The Chairman of the United States Securities and Exchange commission (SEC) has revealed that the Agency examines its regulatory process and will return a controversial rule on cryptography requirements for investment advisers offered during the Biden administration.
The proposal for a crypto custody rule could be abandoned
During the conference in 2025 in investment management of the Company Institute, Mark Uyeda, the president of the actor of the SEC, discussed the new approach to the regulation of the regulatory agency. During the Monday conference, he said that the commission plan should prioritize “effective and profitable regulations that respect the limits of our statutory authority”.
Consequently, the SEC could work on a “back to basics” framework for its regulatory process. In this context, the agency could consider withdrawing or covering the proposals for existing rules, because some, including the rule of the 2023 cryptography guard, raise various concerns.
In February 2023, the Commission, led by Gary Gensler, voted to adopt a proposal to make changes to the 2009 guard rule, which “widen and improve the role of qualified guards during the former president of the custody of advisers in place of investor advice,” said the former SEC president.
Under the 2009 rule, registered placement advisers must keep their customer assets with a qualified goalkeeper, such as a bank or a broker. The proposed amendment would expand the rule of custody to include practically all assets, including Crypto, which has raised several concerns among industry players.
At the time, Uyeda said: “This approach of the guard seemed to hide a political decision to block access to crypto as a class of assets.
On Monday, the president of the actor of the SEC revealed that “there can be important challenges to continue the initial proposal”. On this basis, he asked the staff of the regulatory agency to “work closely with the working group on cryptography to examine the appropriate alternatives, including their withdrawal”.
He also said that the Commission could consider extending or delaying the dates of compliance for certain recently adopted rules.
Dry returning to a “smoother” regulatory approach
Uyeda criticized the approach to previous administration in regulation and regulatory changes, saying that these “were not for the best”. In addition, he added that the “regulatory shortcuts” “returned to haunt the commission in subsequent disputes”.
With regard to the future regulations, the Commission should act as a large cargo cargo, not a speed boat – and this means that it comes back to a smoother regulatory course than the rapid changes that have been promulgated in the past four years. Investors and industry must be able to count on us to act consistent with the previous one and through an enlightened and in -depth public process.
Uyeda concluded that the Commission should “take the time to do things carefully and methodically, rather than rushing and risking actions that are not fully thought out”.
The acting chair remarks follow the changes in progress in the approach of the SEC in cryptographic industry under the Trump administration. Over the past two months, the Commission has interrupted, closed or rejected most of its main crypto processes, including the proceedings and open investigations against Binance, Coinbase, Kraken and Robinhood.
As reported by Bitcoiniste, the SEC would have taken measures to stop the “thugs attacks” against the industry by demanding high -level approval to launch surveys and re -assert its unit of application of cryptography.
In addition, the SEC Commissioner, Hester Peirce, known for her friendly Crypto approach, revealed that the regulatory agency will begin to establish “documents” of its new framework this year.
Bitcoin (BTC) trades at $82,415 in the one-week chart. Source: BTCUSDT on TradingView
Image en feus de NBC News, tradingView.com graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
