U.S. SEC: May thoroughly reform rules for encryption brokers

robot
Abstract generation in progress

PANews reported on June 21 that SEC Chairman Gary Gensler stated on Monday local time that the current framework allowing brokers to act as custodians for digital assets may need to be abolished and replaced, and revealed that he is considering granting hedge funds the authority to self-custody crypto assets. Currently, only two institutions in the U.S. hold a "special purpose broker-dealer" license. Gensler pointed out at the digital asset roundtable that this lackluster response stems from the "significant restrictions" set by the previous administration. He emphasized, "Brokers have never been prohibited from custodizing non-securities crypto assets or crypto securities." However, he also noted that the SEC may need to clarify how customer protection and capital requirements apply to such institutions. Gensler has asked SEC staff to explore the development of new regulatory pathways for crypto assets, including examining whether to amend custody rules to allow hedge funds, trading companies, and investment advisors to implement self-custody of digital assets.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)