Welcome to the third roundtable of the SEC’s Crypto Task Force. In my fourth day back at the Commission, I thank my fellow Commissioners and the SEC staff for their warm welcome. I am eager to address long-standing issues, such as the regulatory treatment of digital assets and distributed ledger technologies. Special thanks go to Commissioner Peirce for her advocacy for sensible crypto policy, earning her the title of ‘CryptoMom.’ She is the right person to lead efforts for a rational regulatory framework for crypto asset markets. Entrepreneurs across the U.S. are using blockchain technology to modernize aspects of our financial system, promising efficiency, cost reduction, transparency, and risk mitigation. Market participants deserve clear regulatory guidelines, as innovation has been stifled due to uncertainty fostered by the SEC. I look forward to engaging with market participants and working with colleagues in President Trump’s Administration and Congress to establish a rational, fit-for-purpose regulatory framework for crypto assets. Today’s roundtable focuses on challenges SEC registrants face when safely custodying crypto assets for customers in compliance with federal securities laws. For instance, are changes needed to custody rules under the Exchange Act, Advisers Act, or Investment Company Act to accommodate crypto assets and blockchain technology? Is the ‘special purpose broker-dealer’ regime workable, or is a new crypto asset broker-dealer framework needed? The market indicates the current framework requires attention. Your input will help guide us. Thank you all for dedicating your time to these important issues.
— new from SEC.gov