The U.S. Securities and Exchange Commission (SEC) has approached executive bodies with a request to expand its authority over the regulation of digital asset custody. According to Bloomberg, the agency intends to amend current rules, bringing cryptocurrency custody requirements in line with the standards already applied to securities and other capital market assets. At the same time, the commission plans to repeal a number of existing regulatory requirements it considers outdated.
If granted the requested authority, the SEC would be able to require investment advisers, asset managers, cryptocurrency exchanges, and other platforms to comply with unified digital asset custody standards and independently monitor their enforcement. The specific list of requirements to be repealed has not been disclosed at the time of publication. The agency states that the proposal was prepared in response to numerous requests from market participants, though the detailed parameters of the initiative will only become known after the completion of administrative procedures.
Under the established procedure, the prepared proposal must first undergo review by the Office of Management and Budget and receive the necessary approvals. Once cleared, the document will return to the SEC for official publication. From the date of publication, interested parties will have 60 days to challenge specific provisions of the document or submit proposals for its revision.
In parallel, another U.S. financial regulator — the Commodity Futures Trading Commission (CFTC) — has put forward its own initiative in a related area. In early summer, the agency proposed banning bets on prediction markets linked to armed conflicts, terrorism, and loss of human life. This measure primarily concerns the blockchain platforms Polymarket and Kalshi, which specialize in event-based derivatives. The CFTC is seeking authority to fully regulate prediction markets, including the right to prohibit or permit specific categories of bets.
Furthermore, the regulator proposes introducing into U.S. legislation a new concept of "Gaming," which would primarily cover bets on sporting events. The CFTC proposes keeping this category of bets within the legal framework, separating it from controversial event-based contracts. The combined set of initiatives from the two agencies reflects a broader trend toward the systematization of regulation across various segments of the digital asset and derivatives markets in the United States.
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This material is prepared for informational purposes only and does not constitute financial advice or a recommendation.