U.S. SEC, CFTC accelerate crypto rulemaking amid congressional recess

The U.S. SEC and CFTC are expediting rulemaking for the crypto market during Congress's summer recess. In June, the agencies initiated a joint public comment process regarding swaps, security-based swaps, the definition of emerging products, and their jurisdictional scope. In a recent comment letter to the SEC, former CFTC Chairman Chris Giancarlo and former SEC Commissioner Steven Wallman cautioned that improper regulatory standards could push profitable markets overseas. Additionally, the SEC has requested the White House Office of Information and Regulatory Affairs to review proposed revisions to asset custody rules for investment advisers and investment companies. This proposal aims to create a regulatory framework for SEC-regulated entities to hold digital assets like cryptocurrencies while adhering to federal securities laws, though specific provisions remain undisclosed.

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