The US Securities and Exchange Commission (SEC) revealed that industry experts from Kraken, Exodus, Anchorage Digital, and others would be taking part in its cryptocurrency task force’s roundtable conversation on asset custody.
In a notice dated April 16, the SEC stated that commissioners Hester Peirce and Caroline Crenshaw, acting chair Mark Uyeda, and crypto task force Chief of Staff Richard Gabbert will meet with Mark Greenberg, vice president of consumer business and product at Kraken, as well as Chief Risk Officer Rachel Anderika from Anchorage Digital Bank and Chief Legal Officer Veronica McGregor from Exodus. Other contributors will be representatives from WisdomTree, Fidelity Digital Asset Services, and Fireblocks.
“It is crucial for the SEC to address custody challenges, which are among the most complex as we aim to incorporate crypto assets into our regulatory framework,” remarked Peirce, who leads the SEC task force.
Interestingly, Uyeda was noted as acting chair of the commission during the April 25 event, even though the US Senate confirmed Paul Atkins would preside over the regulatory agency on April 9. It remains uncertain when Atkins will be inaugurated as SEC chair, but as of this publication, he had not been listed as a current commissioner.
Related: US government activities indicate forthcoming crypto regulation
Among the subjects slated for discussion during the roundtable are conversations about broker-dealers and asset custody at investment firms. The demand for digital asset custody in the US has risen significantly in the past few years, particularly following the endorsement of cryptocurrency exchange-traded funds in January 2024. This trend has also attracted traditional financial institutions, including established companies like BNY Mellon.
Since the commencement of US President Donald Trump’s administration in January and the exit of former SEC Chair Gary Gensler, the agency has seemingly taken a more favorable stance towards the cryptocurrency industry by retracting certain enforcement actions and dropping legal efforts to expand or uphold its jurisdiction over digital assets.
The initial gathering of the crypto task force’s roundtable on March 21 focused on the classification of various tokens as securities. Another session on April 11 included deliberations on “customizing regulations for crypto trading.”
Is DOGE penetrating the SEC?
The roundtable talks arrive at a time when reports have suggested the “government efficiency” team launched by Tesla CEO and presidential advisor Elon Musk has been granted access to the SEC’s systems and information. Acting chair Uyeda has reportedly resisted appeals by the Department of Government Efficiency, or DOGE – which is not a recognized US government division – to gain access to SEC data.
DOGE is facing criticism and several lawsuits regarding attempts to terminate employees within US government agencies. It is unclear whether Musk plans to “streamline” the SEC similarly to how the group has targeted the US Agency for International Development and the Consumer Financial Protection Bureau.
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