Taylor Lindman, head of the SEC's Crypto Task Force, emphasizes the agency's efforts to help firms adapt to blockchain and crypto assets.
By Jesse Hamilton|Edited by Nikhilesh De38 minutes ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Taylor Lindman, chief counsel of the SEC's Crypto Task Force, discussed upcoming regulations for crypto custody. (Jesse Hamilton/CoinDesk)SummaryShow- The SEC's chief crypto counsel revealed that the agency is diligently working on regulations that will integrate crypto into the established securities framework.
- Lindman highlighted key aspects of the agency's crypto initiatives, including the expected custody proposal and ongoing efforts like the tokenization exemption.
In Washington, D.C., the U.S. Securities and Exchange Commission (SEC) is actively advancing its crypto regulatory framework, particularly focusing on custody regulations for digital assets.
The SEC has a custody proposal that is currently under review by the White House, which aims to clarify how investment firms and broker-dealers can handle crypto assets. Taylor Lindman, the chief counsel of the SEC's Crypto Task Force, stated that the goal is to help the market understand how non-security crypto assets can be managed within a broker-dealer setting without requiring special registration, and to guide investment advisors on where they can store client assets, such as with state-chartered trusts.
"The overarching aim is to integrate existing securities intermediaries into a framework where they can comfortably engage with blockchain technology and crypto assets, including both securities and non-securities," Lindman remarked at the CoinDesk Policy & Regulation event in Washington.
Once the proposal receives approval from the Office of Management and Budget, the SEC will be able to formally introduce it and invite feedback from the public and industry stakeholders. In the interim, Lindman referenced the agency's December staff statement that offered guidance to broker-dealers on crypto custody until final regulations are established, and he mentioned a recent move to allow investment advisors to use state-chartered trusts as qualified crypto custodians for client assets.
Previous attempts to implement a custody rule in 2023 were under a different SEC leadership, where then-chair Gary Gensler indicated that crypto firms would not be eligible to custody their own assets. That proposal, however, never advanced and was abandoned when President Trump returned to office and appointed a more crypto-friendly SEC leadership.
Discussing the broader crypto agenda of the SEC, which has recently included a proposed rule to facilitate crypto offerings and a new exemption to support tokenized securities, Lindman described these efforts as "foundational work," noting that "some of it may seem tedious."
"We are taking steps to integrate what were once considered unique and risky assets into a regulatory framework, addressing how we view stablecoins and non-security crypto assets, and striving to create a solid basis for future generations to build upon," Lindman added. "It's important to align with the current market environment."
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