The SEC will revoke Biden's encryption policy! Acting Chair Uyeda and encryption mom Peirce are working together on an alternative plan

SEC Acting Chairman Mark Uyeda stated on 3/17 that the SEC has begun evaluating the Cryptocurrency custody regulations introduced during the Biden administration, aiming to require investment advisors to store clients' Cryptocurrency and other assets in Compliance custodians. The proposal immediately triggered a Rebound in the market, prompting Uyeda to urge the SEC to work with the encryption mom Hester Peirce's encryption project team to develop appropriate alternative solutions, without ruling out the possibility of withdrawing the proposal.

Internal disagreements over SEC encryption regulatory policies hinder industry development

The regulation was led by former SEC Chairman Gary Gensler, who emphasized at the time that because the security of customer assets on Cryptocurrency platforms is extremely low, he required investment advisers not to rely on these platforms as qualified custodians. However, this proposal was immediately opposed by internal SEC and industry professionals.

Regarding this, Hester Peirce, also known as the 'encryption mom', was the only commissioner at the SEC to vote against the regulation at the time. She believed that while the regulation expanded the regulatory scope of Crypto Assets, it also led to a reduction in the number of Compliance encryption custodians, which is not conducive to market development.

Although SEC's current acting chair Uyeda has supported the proposal, she also questions whether the rule 'will actually hinder investment advisers' operations in the cryptocurrency field, rather than raising regulatory standards.'

SEC continues to adjust the regulatory strategy for encryption, former SEC commissioner Atkins will succeed Uyeda

Uyeda has been adjusting the SEC regulatory direction recently, and he stated on 3/10:

Relaxing exchange registration requirements: he is considering canceling the requirement for cryptocurrency operators to register as exchanges.

Revoke SAB 121: This rule originally required financial institutions to classify Cryptocurrency as a liability when held, but it was withdrawn when Trump took office.

It is worth noting that former SEC Chairman Uyeda was nominated by President Donald Trump (Donald Trump) to replace SEC Commissioner Paul Atkins in December last year. The U.S. Senate has scheduled a hearing on 3/27, and the SEC regulatory direction is expected to further evolve.

( can go to the SEC encryption area to participate in legislative discussions! Encryption mom Peirce: Stablecoin regulation and security token are the focus of attention )

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