SEC Custody Proposal Under Review by Office of Management and Budget

1 report, 1 independent Updated Sep 22

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What happened

Some supportReported by 1 outlet

The U.S. Securities and Exchange Commission has a pending custody proposal that governs both investment firms and broker-dealers. The proposal is currently under review by the Office of Management and Budget. The SEC is working on rules to assimilate crypto into the regulated securities industry. This effort aims to clarify how non-security crypto assets can be held within a broker-dealer without requiring special registration.

From coindesk.com

Why it matters

Some supportBrind's analysis of the reports

The SEC is using this process to establish a regulatory structure for crypto assets. The proposal seeks to provide guidance for investment advisers on where to park client assets, such as in a state-chartered trust. The agency is focused on rules that integrate crypto into the existing regulated securities market.

The Office of Management and Budget previously determined that no inflation adjustment would be applied to penalties.

From coindesk.com

Who's involved

Office of Management and BudgetAgency responsible for reviewing and evaluating regulatory proposals from the SEC.
SECAgency developing rules regarding the proper custody of crypto assets.

Keep exploring

Part of

The Office of Management and Budget determined that no inflation adjustment would be applied to penalties. All 1 developments

The entities involved

Office of Management and Budget
agency that prepares and evaluates the President of the United States' annual budget to Congress
- Following an OMB expenditure conference, a committee approved the necessary appropriation for the University of the Virgin Islands.Mon 10:05
- OMB issued rules under presidential priorities governing federal grants for US institutions.Sun 23:22
SEC
Slovak company
- DHS, DOJ, and SEC formed a joint initiative to establish a Trade Fraud Task Force, setting standards for compliance.Mon 17:57
- The Fidelis Partnership is incorporating in Bermuda and filing for an initial public offering on the NYSE, with principal offices in London and a main office in Dublin.Mon 17:12

Coverage

Newest first; wire copies grouped

Sep 22coindesk.com