Source: Cointelegraph Original: "{title}"

SEC Acting Chair Mark Uyeda stated that the agency may modify or withdraw a proposed rule introduced during the Biden administration, which aims to strengthen cryptocurrency custody standards for investment advisors.  

At an investment industry conference held in San Diego on March 17, Uyeda noted in prepared remarks that the rule proposed in February 2023 has raised "significant concerns" among commentators, primarily focused on its "broad applicability."  

"Given these concerns, advancing the original proposal may face significant challenges. Therefore, I have asked SEC staff to work closely with the cryptocurrency special working group to assess appropriate alternatives, including the withdrawal of the rule," Uyeda stated.  

The rule was initially proposed by the Biden administration during Gary Gensler's leadership of the SEC, aiming to expand the custody obligations of investment advisors to cover all assets held for clients, including cryptocurrencies, and to enhance related protection requirements.

Source: SEC

This means that investment advisors must custody clients' crypto assets with qualified custodians. Gensler had stated at the time that due to the way crypto platforms operate, investment advisors "cannot rely" on these platforms as qualified custodians.  

The proposal faced scrutiny from SEC commissioners Mark Uyeda, Hester Peirce, and industry advocacy groups, who argued that the rule not only lacks legal basis but could also pose potential risks.  

Uyeda questioned at the time, "After reading this proposal, how can any compliance-seeking investment advisor still invest client funds in crypto assets?" Despite his objections, he still supported the proposal, just "disagreeing with many of its terms."  

Peirce was the only one of the five SEC commissioners to cast a dissenting vote. She stated that the proposal "could reduce the number of qualified crypto custodians while expanding custody requirements to crypto assets."  

Uyeda's latest statement was released on March 10, when he indicated that he had asked SEC staff to "provide alternatives" to the requirement for certain crypto companies to register as exchanges.  

Additionally, the SEC during the Trump administration had also repealed the SAB 121 rule, which required financial institutions holding crypto assets to account for them as liabilities on their balance sheets.  

In December 2023, then-President Donald Trump nominated former SEC commissioner Paul Atkins to succeed Uyeda as SEC Chair. Reports indicate that a Senate hearing is expected to take place on March 27, marking a critical stage in the nomination process.

Related: Vermont Follows SEC's Lead, Drops Staking Lawsuit Against Coinbase

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