US SEC: Or radically reform crypto broker rules

PANews June 21 news, according to Jinshi, the chairman of the U.S. Securities and Exchange Commission (SEC), Atkins, said on Monday local time that the current framework that allows brokers to serve as digital asset custodians may need to be abolished and replaced, and revealed that hedge funds are considering granting themselves the right to custody crypto assets. Currently, only two institutions in the United States have obtained "special purpose broker-dealer" licenses. Atkins pointed out at the digital asset roundtable that the sluggish response stems from the "significant restrictions" set by the previous government. He emphasized: "Brokerage dealers have never been prohibited from custodying non-securities crypto assets or crypto securities." But he also pointed out that the SEC may need to clarify how customer protection and capital requirements apply to such institutions. Atkins has asked SEC staff to explore new paths for cryptocurrency regulation, including studying whether to revise custody rules to allow hedge funds, trading firms and investment advisors to implement self-custody of digital assets.