SEC and CFTC Speed Up Crypto Rulemaking Amid Congressional Recess

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are accelerating their work on cryptocurrency regulations despite Congress being in recess.

Former CFTC Chairman Chris Giancarlo and former SEC Commissioner Steven Wallman warned that setting the wrong regulatory standards could drive lucrative markets overseas.

The SEC has asked the Office of Information and Regulatory Affairs to review proposed revisions to asset custody rules, which would allow investment advisers and companies to hold digital assets, including cryptocurrencies, while complying with federal securities laws.