SEC Chair Paul Atkins Discusses Agency's Initiative to Revise Crypto Custody Guidelines
The SEC is preparing to enhance its guidance regarding the custody of digital assets, as stated by Chair Paul Atkins during a recent appearance on Fox Business.
What to know:
- The SEC is “mobilizing” to update guidance for digital assets, Chair Paul Atkins said recently.
- Although the SEC is waiting on Congress for further legislation, the agency is capable of initiating some actions immediately.
The U.S. Securities and Exchange Commission is examining the rules surrounding the custody of digital assets, focusing on how various financial professionals can engage with cryptocurrency transactions. SEC Chair Paul Atkins, discussing his recently unveiled Project Crypto on Fox Business’ “Mornings With Maria”, mentioned the agency is “mobilizing at the SEC all our different divisions and offices” to execute recommendations aimed at enhancing the U.S.’s stance on cryptocurrencies, including modifying rules that have existed for approximately 90 years.
Quotes:
“We don’t want the crypto assets to be on some flash drive in somebody’s drawer. They need to be in a secure place… the reason for addressing these regulations is to provide certainty for people.”
Atkins underscored that the SEC’s forthcoming efforts will be grounded in existing legislation enacted by Congress. He cited the already signed GENIUS Act among present market structure legislative initiatives and reaffirmed the SEC’s authority to advance in these matters to offer both certainty and clarity to stakeholders.
When questioned about a recent ruling on debit card transaction fees, he remarked it could potentially support the transition to real-time payment systems that could eventually be enhanced through blockchain technology.
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