There are two SEC crypto rulemakings open right now and they run on different clocks. The custody proposal for advisers and registered funds takes comments until 7 December, but "Regulation Crypto Assets", the one that covers whether a token offering counts as a security, already closed its comment window on 20 October.
I think that second one matters more for tokens... a fund whose mandate only allows registered instruments can't hold something that might be an unregistered security, however good the custody rules get, so the classification question comes before anything the custody rule decides. SIFMA and AIMA both filed asking for revisions rather than withdrawal.
It's still a proposal and there's no date for the SEC's next step, so nothing changes for $ETH or the rest of the market today. I'm watching for that step, because I think that's what settles whether managers who can only hold registered paper get anywhere near tokens.
#Crypto #SEC #Regulation #Ethereum
I think that second one matters more for tokens... a fund whose mandate only allows registered instruments can't hold something that might be an unregistered security, however good the custody rules get, so the classification question comes before anything the custody rule decides. SIFMA and AIMA both filed asking for revisions rather than withdrawal.
It's still a proposal and there's no date for the SEC's next step, so nothing changes for $ETH or the rest of the market today. I'm watching for that step, because I think that's what settles whether managers who can only hold registered paper get anywhere near tokens.
#Crypto #SEC #Regulation #Ethereum