In short
- The session is the second in a four-part SEC Roundtable series that is designed to tackle important regulations problems in the crypto industry.
- Senior SEC officials, legal scientists and managers of TopCrypto companies will participate in discussions about compliance with guardianship.
- Industry participants have expressed concern that existing sec rules do not adequately reflect the operational reality of digital asset markets.
The US Securities and Exchange Commission will convene its second Crypto policy Round table On Friday, aimed at the rules of custody of Crypto assets and gaps on the regulations.
The event is part of a quadruple Launched by the Crypto Task Force of the SEC to collect input and discuss policy options on digital assets regulation.
Opening comments come from various senior sec figures, including the new chairman Paul S. Atkins, who was sworn Earlier this week and sworn to bring the clarity of the regulations to the crypto industry.
The round table will contain two panels: one on “Custody Through Broker dealers and Beyond” and the second on “Investment advisor and guardianship of investment companies”.
The question of how crypto assets should be stored has emerged as a flash point in the American financial regulation. According to the current SEC rules, investment advisers must keep customer funds and digital assets with a qualified custodian, usually a bank or broker dealer.
But few companies have been set up to meet these requirements when it comes to crypto assets, which often require the use of different technologies from traditional preservator and 24/7 trade options.
A proposal from 2023 of the SEC was intended to update these rules, but has drawn up criticism for missing practical solutions for crypto-native companies.
Confirmed participants in the session include representatives of leading crypto and financing companies such as Fireblocks, Anchorage Digital Bank, Fidelity Digital Assets, Krake, N and Bitgo. Legal and academic experts will also participate in the discussion.
Among them, several previously pronounced in their views on the current approach of Crypto custody in the US
Neel Maitra, a partner at DeChert LLP, Previously mentioned The guardianship ‘The biggest question that crypto market participants are confronted’, with reference to the double demands of investors for both access and safe storage.
Justin Browder from Simpson Thacher, another panel member, criticized The position of the SEC last year as forcing advisors to choose between the needs of the customer and compliance with the regulations.
He noted that there are currently few qualified preservators who are able to offer solutions for crypto-assets. “
This session follows an earlier round table on Crypto -trade held on 11 April. Two more sessions will follow, one about tokenization on May 12 and another on decentralized finances on 6 June.
Published by Sebastian Sinclair
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