Amongst many White House announcements yesterday, Commissioner Mark Uyeda was appointed as acting Chair of the Securities and Exchange Commission (SEC). The President previously announced Paul Atkins as his pick for full time Chair, which will be subject to confirmation. While Commissioner Hester Peirce has a higher profile in the digital assets space and is referred to as ‘Crypto mom’, Commissioner Uyeda has voiced similar forceful views during the Gary Gensler era. One of the most contentious Gensler issues was the staff accounting bulletin SAB 121 which effectively blocked banks from providing digital asset custody, including for tokenized securities.
Of late the SEC has been granting some SAB 121 exceptions, but still required banks to clear every engagement with them. As we wrote previously,
“Imagine doing a sales pitch in which the caveat is always “we have to check with our regulator”. It makes it trickier to get the client to sign on the dotted line.
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