SEC May Withdraw Proposal on Crypto Custody Rules

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Crypto Chaos: SEC Backpedals?

SEC May Withdraw Proposal on Crypto Custody Rules

Story Highlights

  • SEC considers withdrawing crypto custody rule. What a surprise, right? 🙄
  • Uyeda signals possible revisions, delays, or complete withdrawal. Like I said, what a surprise.
  • Industry leaders and lawmakers push back against stricter crypto regulations. Of course they do. 🤑

So, the SEC, they’re having second thoughts about this whole crypto custody thing. Who knew? Acting Chairman Mark T. Uyeda, he’s the guy who’s supposed to be in charge, was talking about this at some conference in San Diego. He’s all, “Yeah, this February 2023 proposal? It’s got some problems.” You don’t say. 😒

See, investment advisors, they gotta keep all that crypto money safe, right? The SEC wants to make sure they’re using some fancy custodial services for it. They say it’s for security. But Uyeda, he’s not so sure. He thinks it might be a pain in the neck. Maybe they should just let the whole thing go, am I right? 🤨

SEC Faces Pressure to Revise Crypto Custody Rule

Uyeda was basically saying, “Look, we could just scrap the whole thing, or maybe push it back, or maybe just change it a little.” He’s like a kid who can’t decide what to watch on TV. The original idea came from Gary Gensler, the former SEC director, who was probably just trying to make things more complicated. It’s like he wanted to create a headache for everyone.

Right now, investment advisors have to keep their clients’ money in banks or brokerage firms. But the SEC wants to make them do the same thing with crypto. Big mistake. The banking industry is already complaining, and they’re not the only ones. It’s like the SEC is trying to start a war with the crypto world.

They’re saying it’s all about financial stability, but I think they’re just trying to control things. You know, the government loves to control everything. They want to make sure they have their fingers in every pie. 🙄

So, what’s going to happen? Nobody knows. The SEC is still playing around with the idea. But one thing’s for sure: it’s going to be a bumpy ride. Buckle up, buttercup. 🎢

 

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2025-03-18 22:59