The American Commission for Securities and Exchange has cracked the door to welcome the Cryptography Guard in a wide range of companies that have won state charters as a trust company – a list that would include the affiliates of the Coinbase, Kraken and other high -level names in crypto.
On Tuesday, the DIA investment management division published a so-called non-action letter, a document which guarantees that the regulator does not intend to pursue measures to apply those which engage in specific activity-in this case, that the advisers and funds recorded by the SEC can park digital assets in state trusts.
Such qualified questions caretaker had represented a political battlefield during the mandate of the former dry chairs Gary Gensler and Jay Clayton, the first having led the agency to introduce an abandoned later proposal which would have forced the types of businesses that could manage the crypto of regulated investment advisers. Gensler clearly indicated that he was specifically meant to build exchanges such as Coinbase.
But the new SEC management – notably President Paul Atkins – continues a Crypto -Forward campaign, with Atkins saying earlier this week that the establishment of industry policies is the absolute priority of the agency (such as Pro -Crypto President, Donald Trump).
Although Tuesday’s non-action letter is not an official rule from the agency, it has enough weight to release companies from the concerns of short-term compliance. More specifically, the document indicated that the SEC “would not recommend measures to apply the Commission under custody provisions against a registered advisor or a regulated fund to process a state trust company as a” bank “with regard to the placement and maintenance of cryptographic assets”.
The anterior argument of peopleler was that cryptographic companies were not safe and sufficiently regulated to be sufficiently risk that the registered investment advisers keep their customers’ assets.
“Even if it has never been adopted, the proposal has created problems for advisers in place by its assertion that most cryptographic assets are likely to be funds or securities of cryptographic assets covered by the current rule, and must therefore be maintained with a qualified custodian”, said Commissioner Hester Peirce on Tuesday.
She argued that the agency “should consider updating the rules governing the authorized guards for investment advisers and registered investment companies”, adding that technologically followers should be authorized to hold the assets themselves.
But the Democratic Commissioner Caroline Crenshaw, who combined with peopleler on this point two years ago, published a statement opposed to treatment without action, affirming that the dry line actually crypto as something apart from the rest of the financial sector. And that ignores the efforts of companies that pursue the federal charter of the Currency Controller Office.
“Rather than creating a level playground, we leave investors and markets to play in a unnecessary game of regulatory roulette at 50 states-just to welcome crypto,” she said. “The execution of a discrepancy of this magnitude by relief without action without comments from the public and without any economic analysis is poorly advised for many reasons, in particular because it probably violates the law on administrative procedure, although this has become common by this commission.”
The SEC continued a certain number of crypto policies as part of the recent project of the Atkin project, and the president has established a program to issue formal crypto rules in the coming months. Meanwhile, Congress has made vast progress in legislation to more completely regulate the US markets of digital assets.
