US SEC Acting Chairman Seeks to Withdraw Bill Strengthening Virtual Asset Custody Requirements
Summary
- Mark Uyeda, SEC Acting Chairman, announced that he is considering withdrawing a bill strengthening custody requirements related to virtual assets.
- The bill requires virtual asset custody institutions to comply with specific requirements, which he said could present significant compliance difficulties.
- Uyeda stated that he has asked SEC staff to take appropriate measures in cooperation with the virtual asset task force.
Mark Uyeda, Acting Chairman of the US Securities and Exchange Commission (SEC), appears to be considering withdrawing a bill proposed in February 2023 during the Biden administration that would strengthen virtual asset (cryptocurrency) custody requirements.
According to The Block, a virtual asset specialized media outlet on the 17th (local time), the regulation includes provisions requiring custody institutions that provide services to registered investment advisors to comply with specific requirements.
Mark Uyeda stated at a conference that day, "These requirements may present significant difficulties in compliance," adding, "I have asked SEC staff to take appropriate measures and work closely with the virtual asset task force (TF) for this purpose."
His speech focused on the SEC's regulatory process, including withdrawing regulations, modifying them, or postponing compliance deadlines.
Previously, he had stated that including virtual assets in the process of expanding the SEC's exchange regulatory scope was a mistake, and had asked staff to develop a plan to remove virtual asset-related provisions from the relevant proposal.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
