TREE NEWS update: SEC Chair Paul Atkins said the agency will advance more crypto and digital securities rules to keep digital asset markets in the United States. On October 2 he said the proposed crypto custody framework modernizes 1940 rules written only for traditional asset custody, following the Senate’s failure to pass the CLARITY Act last month. The push includes Regulation Crypto Assets and a five-year Innovation Exemption sandbox allowing US equities trading on decentralized exchanges and with liquidity providers. Former SEC official John Reed Stark called it beyond the SEC’s authority.
SEC Chair Atkins Vows More Crypto Rules to Keep Digital Asset Market in US
AI take
The SEC is now trying to deliver through rulemaking what Congress did not deliver through legislation, which makes the substance of Regulation Crypto Assets and the sandbox design more consequential than the announcement itself. The custody framework matters most for firms holding client digital assets, since it would replace a regime written for traditional custody. The open questions are whether the Innovation Exemption survives legal challenge, given the stated objection that it exceeds the SEC's authority, and whether the sandbox terms attract participation or deter it.
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