The U.S. Securities and Exchange Commission has officially handed a draft amendment to its broker-dealer framework to the White House for evaluation. The proposal aims to sharpen the financial responsibility and recordkeeping standards that apply when broker-dealers hold or transact in cryptocurrency assets. By targeting the same obligations that govern traditional securities, the SEC hopes to eliminate the regulatory gray zone that has long plagued digital-asset intermediaries.
Submitted to the Office of Management and Budget earlier this week, the package arrives amid a broader effort to provide the market with “clear, predictable rules,” as the agency put it. The draft outlines concrete metrics for capital adequacy, mandates periodic reporting of crypto-related positions, and requires firms to retain transaction logs in a manner comparable to equities trading. If adopted, these measures would obligate exchanges, custodians, and other intermediaries to maintain the same level of financial responsibility that investors expect from conventional brokers.
White House review aligns with presidential crypto agenda
The administration’s involvement is no coincidence. President Donald Trump’s 2025 executive order directed every federal agency to pursue regulatory clarity for digital finance, declaring a goal to make the United States the “crypto capital of the world.” The White House’s Office of Management and Budget is now tasked with weighing the SEC’s suggestions against that strategic vision. Officials are expected to assess whether the draft balances innovation encouragement with investor protection, a tension that has defined recent policy debates.
Congress has been largely silent on the issue; a Senate-originated crypto market-structure bill stalled earlier this year. With legislative action at a standstill, the SEC is leveraging its rulemaking authority to move the conversation forward. Analysts predict a relatively swift turnaround, as the administration seeks to demonstrate progress on a high-profile promise while avoiding the delays typical of the legislative process.
Other agencies also target digital-asset oversight
The Commodity Futures Trading Commission has independently sent a proposal to the OMB that focuses on consumer safeguards for participants in prediction markets, another niche of the broader digital-asset ecosystem. CFTC Chairman Michael Selig highlighted the need for clearer product-governance rules, market-design standards, and incentive-program transparency, echoing concerns raised by retail participants. Together, the SEC and CFTC initiatives illustrate a coordinated federal push to bring crypto-related activities under the same supervisory umbrella as traditional finance.
Both agencies stress that their efforts are not meant to stifle innovation but to create a level playing field where new technologies can thrive without exposing investors to unchecked risk. As the White House reviews the SEC’s broker-dealer amendments, the outcomes will likely shape the next chapter of America’s digital-asset policy, influencing everything from exchange licensing to the day-to-day operations of crypto custodians.
