The US Securities and Exchange Commission is currently reviewing its custody rules for digital assets, focusing on how various financial institutions can handle cryptocurrency transactions. In a recent appearance on 'Mornings With Maria', SEC Chairman Paul Atkins stated that the agency is 'mobilizing' its divisions to implement the recommendations of President Trump's crypto working group, aiming to make the US more crypto-friendly.
This includes updating rules that have been in place for nearly a century. Atkins emphasized the need for secure storage of crypto assets, rather than having them stored on personal devices. The SEC's efforts will be based on existing legislation, including the GENIUS Act, with the goal of providing clarity and certainty for investors.
Atkins also discussed the potential for real-time payment networks, which could be supported by blockchain technology, and the importance of addressing potential risks and errors in such systems.