The Securities and Exchange Commission is considering custody rules for digital assets, including how broker-dealers, asset managers and investment advisors can deal with cryptocurrency transactions.
SEC Chair Paul Atkins spoke about the recently announced project Crypto on Fox Business’s “Mornings With Maria” program, saying the agency is “mobilizing in all different departments and offices to implement recommendations from President Donald Trump’s Crypto Working Group to make the US a more encrypted nation, including adjustments to the rules “which have been around for around 90 years,” he said.
“We don’t want the crypto assets to be on the flash drive of someone else’s drawer,” he said Friday. “They need to be in a safe place… The reason they do this and tackle these different regulations is to provide some certainty for people.”
The SEC’s work is based on laws passed by Congress, he said, pointing to the legislative efforts of the already signed genius acts and existing market structures.
“Our goal is to get clarity and certainty,” he said. “Everything that comes out of Congress will be ingrained, but I think we have the authority to move forward in these areas and provide that certainty and clarity to people.”
Asked about the district court’s ruling on debit card exchange fees, Atkins said it could support a real-time or immediate payment network, and moving towards an immediate payment settlement would be “ideal,” he said.
This type of payment could be enhanced by using blockchain, he said, but he also said the system needs to incorporate some kind of delay to address the mistakes.
“The longer it takes to clear some transactions, the more risk there is in a system where something goes wrong.
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