He did, however, support the proposal despite disagreeing “with a number of provisions.” Peirce, who was the sole commissioner of the five to vote against the rule, said at the time that the proposed rule “would expand the reach of the custody requirements to crypto assets while likely shrinking the ranks of qualified crypto custodians.”Related: Congress repealed the IRS broker rule, but can it regulate DeFi? Uyeda’s latest remarks come days after he said on March 10 that he had asked SEC staff “for options on abandoning” part of a proposal pushing for some crypto firms to register with the regulator as exchanges.
The proposal caused friction with Uyeda and Commissioner Hester Peirce, along with industry advocacy bodies who claimed the rule was unlawful and dangerous.“How could an adviser seeking to comply with this rule possibly invest client funds in crypto assets after reading this release? ” Uyeda remarked at the time.
In prepared remarks to an investment industry conference in San Diego on March 17, Uyeda said the rule proposed in February 2023 had seen commenters express “significant concern” over its “broad scope.”“Given such concern, there may be significant challenges to proceeding with the original proposal.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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