Former SEC chair Gary Gensler may abandon or revise his controversial proposal to tighten crypto-custody standards for investment advisors.
Gensler, a two-year old You can also find out more about the proposal by clicking here.The SEC wanted to extend federal custody regulations to include crypto assets, and required investment advisers hold assets for clients with custodians who are qualified, like federally or state chartered banks.
The author, in his own words: You can also read our blog posts. At an investment conference held in San Diego, the acting SEC chairman spoke on Monday. Mark Uyeda Gensler acknowledged the “significant concerns raised” by commenters in the industry over “the broad scope” of Gensler’s proposal.
Uyeda stated that “given these concerns, it may present significant challenges for the original proposal to proceed.”
The SEC’s staff was instructed to investigate alternatives with the crypto taskforce of the SEC, which included the possibility of withdrawing the entire rule.
His leadership style was characterized by strict crypto oversight but it’s not his fault. You can also find out more about the company by clicking here. Before Trump became president, the SEC began to change its regulatory approach.
SEC policy on cryptocurrency has shifted significantly under the leadership of President Donald Trump. The hostile regulatory approach taken by the Biden administration was replaced with a more cooperative and lenient attitude.
Uyeda, now the SEC’s new head, is rethinking many major policies of Gensler’s era. This includes controversial crypto regulations that led to a A lawsuit filed by 18 states Prior to his departure
These changes include Think again the expanded definition of "exchanges" and halting the enforcement of certain rules that targeted crypto firms.
SEC Under Trump revoked Staff Accounting Bulletin SAB 121 required companies holding cryptoassets to include them in the balance sheet as liabilities.
Since then, the regulator has dropped all enforcement actions against crypto companies. Binance, KrakenThen, CoinbaseThis is a welcome relief to the industry from all the legal battles that have plagued it for many years.
According to the Trump Administration’s crypto regulatory approach, one of the most significant initiatives was the creation of a dedicated crypto team. Crypto task force led by Commissioner ‘Crypto Mom' Hester Peirce.
The task force is tasked with working closely with the crypto industry, with its inaugural roundtable, “How We Got Here and How We Get Out – Defining Security Status,” scheduled The event is scheduled for this Friday.
Sebastian Sinclair is the editor
