Reactions came to the SEC as the U.S. Securities and Exchange Commission (SEC) prepared to vote on a rule that would set new qualifications for how assets are stored.
The pressure on the cryptocurrency industry is increasing day by day. This rule, which the SEC will vote on this time, may be the next blow to the crypto industry.
SEC To Vote On Crypto Staking Rule
The vote by the US Securities and Exchange Commission will affect the way crypto assets are stored.
According to The Wall Street Journal, the regulator will vote on a rule that will increase the requirements for registered investment advisors to hold client assets and include new protections such as “surprise reviews.”
A Commission of five members will decide on the newly proposed rules today. If the new rules are approved, a standard public consultation period will be allowed.
SEC Chairman Gary Gensler underlined that the current rules have not been updated since 2009.
Gensler continued:
“Today’s offering will also include all asset classes that investment advisors can potentially hold, such as privately issued securities, real estate, and derivatives.
The current offering, which covers all asset classes, will include all crypto assets, including securities or non-securities.”
There has been criticism from the crypto community about the SEC’s scrutiny for staking. The fact that the FTX case is still ongoing and the decisions do not come relatively quickly seems to annoy users.
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