727 FinanceBlockBeats news, Oct. 2, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is proposing to allow more investment firms to hold digital assets on behalf of their clients.
This is the latest move by the agency to push for cryptocurrency regulation. Previously, a market structure bill backed by the crypto industry was blocked in the US Senate last month. If ultimately approved, the proposal would eliminate some of the existing escrow requirements.
The sec will publicly consult on the proposal for 60 days, after which a final version will be developed based on the feedback. The final rule still needs to be voted on by the sec before it can take effect.