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SEC may scrap Biden-era crypto asset custody proposal, acting chief says - REUTERS
March 17 (Reuters) - Wall Street's top regulator is considering changing or scrapping regulations proposed under the prior administration that would require investment advisors keeping custody of cryptocurrencies and other assets to meet stricter standards, the agency's interim chief said on Monday.
Mark Uyeda, acting chair of the U.S. Securities and Exchange Commission, also said the agency was developing possible changes to a recent rule that requires mutual and exchange-traded funds to report portfolio holdings on a monthly rather than a quarterly basis.
His address to an investment industry conference in San Diego laid out plans for a sharp divergence from the way former President Joe Biden's administration oversaw Wall Street.
Uyeda said the SEC "needs to prioritize effective and cost-efficient regulations that respect the limits of our statutory authority," according to a copy of his prepared remarks.
In proposing changes to the custody rule two years ago with Uyeda's support, former SEC Chair Gary Gensler said they would help ensure investment advisers did not "use, lose or abuse" their clients' assets.
