SEC reviews Biden's proposed crypto custody rules in San Diego

The U.S. Securities and Exchange Commission (SEC) is considering changes to a proposed rule from the Biden administration that would impose stricter standards on investment advisors holding cryptocurrencies. Acting SEC Chair Mark Uyeda indicated a shift in regulatory approach during a conference in San Diego. Uyeda also mentioned potential revisions to a recent rule requiring mutual and exchange-traded funds to report their holdings monthly instead of quarterly. This rule, introduced under former SEC Chair Gary Gensler, has faced criticism and legal challenges from the industry. Former SEC Commissioner Paul Atkins is expected to become the new SEC Chair, but his confirmation hearings have not been scheduled. The agency is also facing calls from the White House for staff reductions, though specific plans have not been disclosed.