The U.S. Securities and Exchange Commission (SEC) is set to advance its regulatory efforts in the digital asset landscape by hosting a second session of its crypto policy roundtable on April 25. This event, organized by the SEC’s Crypto Task Force, is part of a comprehensive four-part initiative aimed at addressing fundamental issues in the realm of cryptocurrencies, particularly focusing on asset custody and regulatory gaps. SEC Chairman Paul S. Atkins, who recently took office, will deliver opening remarks at the roundtable titled “Know Your Custodian: Key Considerations for Crypto Custody.” Several other influential figures, including Chief of Staff Richard Gabbert and Commissioners Caroline Crenshaw, Mark Uyeda, and Hester Peirce, will also participate in the discussion. The roundtable will address the pressing issue of securely holding cryptocurrencies, a topic that has stirred significant debate within the industry.
The event will consist of two main discussions: one will focus on how custody operates through broker-dealers, while the other will delve into custody responsibilities for investment advisers and firms. Current SEC regulations mandate that advisers store client assets with a “qualified custodian,” usually a bank or broker-dealer, which has raised concerns among legal experts about the implications for investor protection and accessibility. As the SEC builds on its previous session regarding crypto trading, which featured contributions from major industry players such as Coinbase and Uniswap Labs, there is a clear acknowledgment of the need for a regulatory approach that can adapt to this rapidly evolving sector. Future discussions scheduled for May 12 and June 6 will further explore topics related to tokenization and decentralized finance, emphasizing the SEC’s commitment to shaping effective governance in the cryptocurrency space.