The SEC has submitted its proposed amendments to crypto broker-dealer rules for White House review (submitted on November 3, according to X news; covering net capital, customer asset protection, and recordkeeping), and a bunch of accounts immediately started calling it major bullish news. Let's stay calm: the text itself hasn't even been made public yet. This is just the first step in the process, and there will still be a public comment period. What really matters is whether the rules on net capital and the segregation of customer assets are loosened or tightened. Looser rules would be good for broker-dealers, but not necessarily for the assets we custody with them. Anyone calling it bullish before seeing the actual text is basically jumping the gun to post. #SEC #crypto regulation