US sec surveys crypto custody rules: new approach for more innovation and access in the financial system?

US sec surveys crypto custody rules: new approach for more innovation and access in the financial system?
US stock Exchange supervision SEC retires rules for the storage of cryptocurrencies
The US stock exchange supervision SEC (Securities and Exchange Commission) is faced with a reassessment of your rules for the custody custodian after there has been resistance from the industry. The incumbent second chairman Mark Uyeda recently announced that the authority will again examine a proposal to expand the Custody Rule from 2009. This rule would oblige investment advisors to leave all customer assets, including cryptocurrencies, at qualified storage points.
This proposal, which was originally supported by Gary Gensler, came across criticism because it is considered a potential hurdle for the access of cryptocurrencies to traditional financial systems. Industry representatives express concerns that the broad scope of this rule could hinder innovations in the crypto sector and reduce the investment opportunities.
Mark Uyeda indicated that the SEC may be pursuing a more careful approach and could revise or even withdraw the rule. He also criticized the quick and aggressive regulations under the previous leadership and emphasized the need for a more conscious and methodological process.
This change takes place as part of a comprehensive assessment of the SEC crypto strategy. In the past few months, the authority has reduced its enforcement measures against large stock exchanges such as Binance and Coinbase. In addition, the SEC has suspended or discontinued several significant investigations and legal proceedings in connection with cryptocurrencies.
SEC commissioner Hester Peirce indicated that new regulations for the crypto sector can be expected by the end of this year. It made it clear that the SEC intends to create a clearer and more uniform regulatory framework for the industry.
The developments in the regulation of cryptocurrencies are therefore in the spotlight and could have a significant impact on the future of the digital financial world.