Practice Management
Uyeda: SEC considering 'alternatives' to proposed safeguarding rule
Sam Bojarski / Mar 17, 2025
The safeguarding rule was first proposed about two years ago but has yet to be finalized by the Commission.
Staff at the Securities and Exchange Commission (SEC) are working with the agency’s newly created cryptocurrency task force to examine the proposed safeguarding rule, acting chair Mark Uyeda said during public remarks on Monday.
Proposed as an update to the SEC’s custody rules, the safeguarding rule is among a litany of pending proposals from Gary Gensler’s tenure chairing the SEC. It was designed in part to address the growing use of alternative assets including cryptocurrencies, requiring the safekeeping of such assets with a qualified custodian.
During a speech at the Investment Company Institute’s Investment Management Conference, Uyeda made wide-ranging comments on the SEC’s rulemaking process, touching on open proposals like safeguarding.
‘With respect to the safeguarding proposal, commenters have expressed significant concern with the broad scope of the proposed rule for investment advisors,’ Uyeda said. ‘As such, I’ve asked the SEC staff to work closely with the Crypto Task Force...
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