Atkins said current custody provisions under the Investment Advisers Act and the Investment Company Act were written before the internet existed, leaving custody support for newly launched assets trailing by months in some cases. She said the U.S. Securities and Exchange Commission’s custody rule proposal is intended to address that gap. Atkins also outlined the SEC’s crypto-related regulatory actions during the current term, including ending what she described as regulation by enforcement, setting arrangements tied to tokenized securities, proposing a Regulation Crypto Assets issuance framework, and introducing an innovation exemption. She added that more regulatory proposals are on the way.
According to ChainCatcher, Atkins said the custody provisions in the Investment Advisers Act and the Investment Company Act predate the internet. She said custody capabilities for new assets can lag by months after those assets go live, and that the U.S. Securities and Exchange Commission’s proposed custody rule is designed to fill that gap.
Atkins also reviewed the SEC’s crypto regulatory measures during the current term, including ending what she described as regulation by enforcement, arrangements related to tokenized securities, a proposed Regulation Crypto Assets issuance framework, and an innovation exemption. She said more regulatory proposals are on the way.
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