☰
Acting SEC Chair Mark Uyeda pointed to industry concerns over a rule proposed in February 2023 requiring registered investment advisers to store crypto assets with a qualified custodian and for those custodians to meet additional regulatory requirements.
Bitcoin (BTC) held steady during U.S. market hours, rising 0.5% over the past 24 hours to trade around $84,000.
The modest rebound followed reports that the U.S. Securities and Exchange Commission (SEC) is reconsidering regulations proposed under the previous administration that would have imposed stricter custody requirements on investment advisers holding cryptocurrencies and other assets.
Acting SEC Chair Mark Uyeda said Monday that the agency "needs to prioritize effective and cost-efficient regulations that respect the limits of our statutory authority," according to a copy of his prepared remarks.
Uyeda pointed to widespread industry concerns over a rule proposed in February 2023 requiring registered investment advisers to store crypto assets with a qualified custodian and for those custodians to meet additional regulatory requirements.
The proposal also sought to mandate written assurances from crypto firms that client assets held for hedge funds and other institutional investors would be protected against loss and bankruptcy.
"Given such concern, there may be significant challenges to proceeding with the original proposal," Uyeda said at the Investment Company Institute's 2025 Investment Management Conference in San Diego. "As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives."
On Stocktwits, retail sentiment around Bitcoin improved to ‘neutral’ from ‘bearish’ a day ago.
One user predicted buyers would dominate the market this week following a steady decline in seller volume.
Another commented that Bitcoin remains indifferent to political developments.
Bitcoin’s price remains down nearly 14% over the last 30 days but has posted gains of around 23% over the past year. The cryptocurrency is currently trading about 22% below its all-time high of nearly $109,000, reached in January.
Since the Trump administration's return, the SEC has moved quickly to reverse course on several crypto-related policies.
In just a few weeks, it has withdrawn controversial accounting guidance and dropped enforcement actions against major industry players initiated under the Biden administration and former SEC chair Gary Gensler.
It also established a crypto task force and issued a statement on meme coins.
Meanwhile, an increasing number of cryptocurrency exchange-traded funds (ETFs) have been filed, though the agency has delayed decisions on most.
The crypto task force is set to hold its first roundtable discussion on "defining security status" this Friday.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read also: Strategy Stock Dips After Making One Of Its Smallest Bitcoin Purchases To Date – Retail Bearish Amid Dilution Fears
subscribe to Asianet Newsable WhatsApp channel by clicking here.
