In the deep, somber halls of regulation, where the fates of fortunes are debated beneath flickering lights, the U.S. Securities and Exchange Commission prepares to convene again on the morrow of April 25th. After the first session stirred the waters on April 11, the second of a four-part council on the enigmatic realm of cryptocurrencies is upon us.
The heart of this gathering? The tangled web of crypto custody, where the old laws stumble awkwardly over new realities—much like a nobleman attempting to mount a horse that has long since turned into a mechanical steed.
What Awaits in This Second Council of Crypto Wise Men
Two grand debates will unfold amidst stern faces and eager quills:
- Custody Through Broker-Dealers and Beyond — A constellation of industry sages including Jason Allegrante of Fireblocks, Rachel Anderika of Anchorage Digital Bank, Terrence Dempsey of Fidelity Digital Assets, and Mark Greenberg of Kraken will unspool the mysteries of how these precious digital treasures are guarded. One imagines them as modern-day custodians defending chests not of gold, but of ones and zeros.
- Custody by Investment Advisers and Investment Companies — Legal scholars Justin Browder, Neel Maitra, Ryan Louvar, and Adam Levitin shall debate how staid financial codes clash foolishly with the wild spirit of crypto. It is a tragedy worthy of Tolstoy: tradition and progress locked in an eternal tug of war.
The council’s opening words will fall from the lips of Chairman Paul S. Atkins, flanked by the Crypto Task Force’s Chief Richard Gabbert and Commissioners Hester Peirce, Caroline Crenshaw, and Mark Uyeda. One can hardly help but wonder if they know what riddles lie ahead. 🧐
Why Current SEC Rules Are Like an Old Coat Too Small for the Crypto Giant
The laws insist that advisers must entrust their coins to qualified custodians—banks or broker-dealers. But crypto scoffs at such neat boxes. Here lie assets born of decentralized dreams, running ceaseless as the Russian steppe winds. The old rules, like winter coats from a bygone tsar, simply do not fit.
Neel Maitra, himself a keen eye on this conundrum, declared custody the “biggest issue in crypto regulation,” a phrase heavy as a Tolstoyan epiphany. Meanwhile, Justin Browder lamented the SEC’s cruel dilemma: choose regulation and forsake client service, or serve clients and evade the law. Such is the irony of our age, where law and technology duel in mismatched armor. 🎭
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What Fates Await in the Next Crypto Roundtables?
The path ahead winds toward the third session on tokenization, destined for May 12, 2025, and finally the fourth, a conclave on Decentralized Finance (DeFi), due June 6, 2025. Each a step deeper into this strange new world where old order battles the restless tide of innovation.
As the SEC endeavors to dress itself in garments befitting the new era, tomorrow’s roundtable may unravel the knots that bind crypto custody—and perhaps, just perhaps, sew a new tapestry for the future.
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2025-04-24 09:54