tl;dr
The U.S. Securities and Exchange Commission will hold its second crypto policy roundtable focusing on crypto asset custody rules and regulatory gaps. This event is part of a SEC Crypto Task Force four-part series on digital asset regulation. New SEC Chairman Paul S. Atkins will deliver opening remar...
The U.S. Securities and Exchange Commission (SEC) will host its second crypto policy roundtable focusing on crypto asset custody rules and regulatory gaps.
This event is part of the SEC Crypto Task Force’s four-part series aimed at digital asset regulation. New SEC Chairman Paul S. Atkins, who was sworn in recently and emphasizes regulatory clarity, will deliver the opening remarks.
The roundtable features two panels: “Custody Through Broker-Dealers and Beyond” and “Investment Adviser and Investment Company Custody.” Currently, SEC rules require investment advisers to use qualified custodians, typically banks or broker-dealers, to hold client funds and digital assets. However, few firms meet these standards in the crypto space due to technological complexities and the 24/7 nature of crypto trading.
A 2023 SEC proposal to update these custody rules has faced criticism for failing to provide practical solutions tailored to crypto-native firms. Participants include representatives from Fireblocks, Anchorage Digital Bank, Fidelity Digital Assets, Kraken, BitGo, alongside legal and academic experts. These figures bring diverse perspectives, with some highlighting custody as “the single greatest question facing crypto market participants” and others criticizing the lack of capable qualified custodians for digital assets.
This roundtable follows the initial session on crypto trading held on April 11 and precedes two upcoming discussions scheduled for tokenization on May 12 and decentralized finance on June 6. Together, these forums aim to address key regulatory challenges and carve a clear path forward for the evolving digital asset landscape.