In his first public remarks since being sworn in as Securities and Exchange Commission chair, Paul Atkins said he looks forward to working with market participants, the administration, and Congress to “establish a rational, fit-for-purpose regulatory framework for crypto assets.”
Details: In the meeting of the SEC’s Crypto Task Force, Commissioner Caroline Crenshaw also challenged the panel to think through issues that could weaken investor protection, saying: “Trust is particularly important in our relationships with financial institutions. That is why our custody regulations are so important.”
More: Crenshaw asked:
What basic standards should apply to ensure trust for custodians and should those rules differ for crypto assets?
How would the SEC ensure any dual regime it creates would be as robust as the current regime?
ICBA View: The Task Force discussed proposed changes for the Safeguarding Advisory Client Assets Rule, which ICBA commented on in 2023, urging the SEC to determine that banks must be insured by the FDIC to be eligible to serve as a qualified custodian.
