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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.
Previous News
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has once again been selected for Washingtonian magazine's 500 Most Influential People feature, as part of the publication’s banking and finance list.
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Apr 25, 2025
Following the latest acquisition of a tax-paying community bank by a tax-exempt credit union, ICBA continued its call for Congress to eliminate the federal tax exemption for credit unions over $1 billion in assets.
ImageApr 23, 2025
With Congress potentially taking up tax legislation when it returns from the current congressional recess, ICBA is calling on community bankers to urge their lawmakers to co-sponsor legislation that would provide tax relief to support rural lending.
ImageApr 23, 2025
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