Trump's SEC Chair Says Agency Is 'Mobilizing' to Update Custody, Other Guidance

The U.S. Securities and Exchange Commission is looking astatine custody rules for integer assets, including however broker-dealers, plus managers and concern advisers tin woody with cryptocurrency transactions, its caput said Friday.

SEC Chair Paul Atkins, speaking astir his precocious announced Project Crypto connected Fox Business' "Mornings With Maria" program, said the bureau was "mobilizing astatine the SEC each our antithetic divisions and offices" to instrumentality President Donald Trump's crypto moving group's recommendations to marque the U.S. a much crypto-friendly nation. This includes adjusting rules "that person been astir for 90 years oregon so," helium said.

"We don't privation the crypto assets to beryllium connected immoderate flash thrust successful somebody's drawer," helium said connected Friday. "They request to beryllium successful a unafraid spot … the crushed for doing each this and addressing these assorted regulations is to supply immoderate certainty for people."

The SEC's enactment volition beryllium based connected the authorities passed by Congress, helium said, pointing to the already-signed GENIUS Act and existing marketplace operation legislative efforts.

"Our extremity is to get clarity and certainty," helium said. "It volition beryllium undergirded by immoderate comes retired of Congress but I judge that we person authorization to determination guardant successful these areas and supply that certainty and clarity for people."

Asked astir a territory tribunal ruling connected debit paper interchange fees, Atkins said it could enactment real-time oregon instant outgo networks, and moving toward instant outgo settlements "would beryllium ideal," helium said.

This benignant of outgo could beryllium bolstered by utilizing a blockchain, helium said, though helium besides said that the strategy could request to person immoderate benignant of hold built successful to code mistakes.

"The longer that it takes to person clearance connected immoderate of the transactions, the much hazard determination is successful the strategy for thing to spell wrong, immoderate achromatic swan event," helium said.

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