BlockBeats news, on May 13, the Chairman of the U.S. Securities and Exchange Commission (SEC), Atkins, stated on Monday local time that the current framework allowing brokers to act as custodians of digital assets may need to be abolished and replaced, and revealed that he is considering granting hedge funds the authority to self-custody crypto assets. Currently, only two institutions in the United States have obtained the 'special purpose broker-dealer' license.
Atkins pointed out at the digital asset roundtable that this sluggish response stems from the 'significant restrictions' set by the previous administration. He emphasized, 'Brokers have never been prohibited from custodying non-securities crypto assets or crypto securities.' However, he also noted 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 amend custody rules to allow hedge funds, trading companies, and investment advisors to self-custody digital assets. (Golden Ten)
