The U.S. SEC Looks at Custody Rules for Digital Assets
The U.S. Securities and Exchange Commission is currently examining custody rules for digital assets, specifically focusing on how broker-dealers, asset managers, and investment advisers can handle cryptocurrency transactions. SEC Chair Paul Atkins recently discussed the agency’s efforts to implement President Donald Trump’s crypto working group’s recommendations on Fox Business’ “Mornings With Maria” program.
Project Crypto Implementation
Atkins mentioned that the SEC is mobilizing all its divisions and offices to make the U.S. a more crypto-friendly nation. He emphasized the importance of updating rules that have been in place for decades to ensure that crypto assets are securely stored rather than being left on a flash drive in someone’s drawer.
Legislative Support
The SEC’s work will be based on legislation passed by Congress, including the GENIUS Act and other market structure legislative efforts. Atkins highlighted the agency’s goal of providing clarity and certainty to individuals involved in cryptocurrency transactions.
Instant Payment Networks and Blockchain
Atkins also touched upon a recent district court ruling on debit card interchange fees, suggesting that it could pave the way for real-time or instant payment networks. He expressed support for moving toward instant payment settlements, potentially utilizing blockchain technology. However, he cautioned that the system may need to incorporate delays to mitigate risks of errors or unforeseen events.
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