Crypto NewsNewsActing SEC Chairman Speaks About Cryptocurrencies: Announced Positive Development

Acting SEC Chairman Speaks About Cryptocurrencies: Announced Positive Development

SEC Deputy Chairman Mark Uyeda announced in a statement that he would halt the advancement of a negative rule for cryptocurrencies.

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The U.S. Securities and Exchange Commission (SEC) is reconsidering its proposal to tighten cryptocurrency custody requirements.

SEC Acting Chairman Mark Uyeda announced that the agency is reviewing the controversial rule, which was first proposed in February 2023. The rule requires registered investment advisors to store cryptocurrency assets with a qualified custodian and that those custodians meet certain legal requirements.

Speaking at the Investment Company Institute’s 2025 Investment Management Conference in San Diego, Uyeda acknowledged concerns raised by interested parties. “Given such concerns, there may be significant challenges to proceeding with the original proposal,” he said. “Therefore, I have asked SEC staff to work closely with the crypto task force to evaluate appropriate alternatives.”

The custody rule was introduced under the Biden administration, where former SEC Chairman Gary Gensler sought to expand existing custody regulations to cover all client assets under an advisor’s control. The proposal sought to impose additional safeguards on crypto assets, prompting a backlash from investment advisors, financial institutions, and crypto industry participants.

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Under current SEC rules, registered investment advisors must hold their assets at a qualified custodian, such as a bank or brokerage firm. Expanding these requirements to cryptocurrencies has raised concerns that it will limit the number of banking institutions willing to serve the industry and exacerbate existing difficulties in securing custodial services.

The proposal has faced strong opposition from congressional Republicans, crypto firms and traditional financial institutions. The American Bankers Association, along with other financial industry groups, had previously warned that the rule could have a “significant impact” on their business operations.

*This is not investment advice.

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