SEC Chair Announced Plans to Update Custody Rules for Digital Assets
The U.S. Securities and Exchange Commission (SEC) is reviewing custody rules for digital assets, focusing on how broker-dealers, asset managers, and investment advisers manage cryptocurrency transactions. SEC Chair Paul Atkins announced this during an interview about Project Crypto.
- The SEC aims to implement recommendations from President Donald Trump's crypto working group to enhance the U.S. crypto environment.
- Atkins emphasized the need for secure storage of crypto assets, moving away from unregulated personal storage methods.
- The SEC's initiatives will align with legislation passed by Congress, including the GENIUS Act.
- The goal is to establish clarity and certainty in regulations for digital assets.
- Atkins mentioned that real-time payment networks could be supported by recent court rulings on debit card interchange fees.
- Blockchain technology may facilitate instant payments, though some transaction delays may be necessary to mitigate risks.