SEC could have a hatchman proposed a Biden-era detention detention, says the acting boss

The US Securities and Exchange Commission could change or waste the rule proposed by the Bilena Administration, which would tens down the CRIPTO Standardier Standard for Advisory Advisors, according to the Agency, Mark UIEDA.

In the prepared notes The Investment Industry Conference in San Diego 17. Marta, Uyeda said the rule proposed in February 2023. years They saw the comments that emissions “significantly worry” through their “broad scope”.

“Given this concern, there may be significant devices for deviating with the original proposal. As such, I requested the Sex staff to work closely with the crypto working group, consider appropriate alternatives, including his withdrawal,” Uieda said.

The rule was made under Biden administration during Gary Gensler’s the mandate that leads the regulator. The goal is to expand the custody rules for investment advisors any and all funds held for the client, including crypto, and increased the conditions for protection.

This meant that investment advisors would have to detain crypto their clients with qualified guardians. Gensler said At the time that investment advisors “cannot rely on” CRIPTO platforms as qualified custodians due to the way they act.

The proposal caused friction from the UIEDA and Commissioner Hester Peirce, together with the bodies of industry advocacy who claimed a rule was illegal and dangerous.

“How could the advisor adhere to this rule in line with the client funds to crypto funds after reading this release?” Uieda noted At that time. However, he, however, supported the proposal despite disagree “with a number of provisions.”

Peirce, who was the only commissioner of five to vote against the rules, said the proposed rule “expanded the detention of custody of cryptiv assets, and probably reduces the ranks of qualified CRIPTO Cardaians.”

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The latest remarks of Uyeda come the days after he said 10. Marta He asked for Secu staff “For options for leaving” a proposal part that pushes for some firm crypts to register with regulators as exchanges.

Trump-Era SEC also has killed the rule It was the requested financial firms that hold the CRIPTO to record them as obligations under their balance sheets, called SAB 121.

In December, President Donald Trump picked up formerly by the Commissioner of Pola Atkins to take over from Uyeda to chair the Agency. This is now a step closer, with a Senate hearing As reported 27. Marta.

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