Atkins said the custody provisions in the Investment Advisers Act and the Investment Company Act were written before the internet existed, leaving a gap when new asset types come to market and custody support trails by months. He said the U.S. Securities and Exchange Commission’s custody rule proposal is meant to address that gap.
Atkins also outlined the SEC’s crypto-related regulatory agenda during the current term. The list he cited includes ending what he described as regulation by enforcement, setting out arrangements tied to tokenized securities, proposing a Regulation Crypto Assets issuance framework, and introducing an "innovation exemption." He added that more regulatory proposals are still in the pipeline.
According to Odaily, Atkins said the custody provisions under the Investment Advisers Act and the Investment Company Act predate the internet. When new assets are launched, custody capability can lag by months, and the SEC’s custody rule proposal is intended to close that gap.
Atkins also reviewed the SEC’s crypto regulatory steps during the current term, including ending what he described as regulation by enforcement, arrangements related to tokenized securities, a proposed Regulation Crypto Assets issuance framework, and an "innovation exemption." He said more regulatory proposals are on the way.
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