White House reviewing SEC crypto broker-dealer draft

The next story we have right here. White House begins review of economically significant SEC crypto broker dealer draft.

The White House regulatory office logged the SEC draft on November 3rd, but its text is not public, so what it would change for brokerage is holding crypto is not yet known.

But the story here once again is that the SEC, CFTC, the regulators, even with a little lack of legislative clarity, continue to push forward, write rules and send them off to the White House to get them into action.

So this is about what crypto broker dealers would be able to do.

The package addresses financial responsibility, record keeping and recording for reporting for crypto assets.

So broker, net capital, customer protection requirements, how these broker dealers would be able to custody assets on behalf of of their customers, specifically in crypto.

So we don't have a legal deadline here, but it's interesting that the OI review record marks this proposal as economically significant, meaning that it is actually important and something that needs to be seriously considered and reviewed.

So we don't know what the changes will be uh yet, but we know that the SEC has been favorable and these are likely to be rules that the crypto industry would like and that the broker dealers likely would be able to comply with.