Key Notes
- The SEC’s crypto broker-dealer proposal entered White House review on November 3 and remains pending.
- The project covers financial responsibility, customer protection, recordkeeping and reporting, with detailed changes still private.
- A proposed-rule review is an intermediate step before public consultation and any final requirements take effect.
The White House is reviewing a Securities and Exchange Commission proposal to change how broker-dealer financial safeguards, customer-asset protection and recordkeeping rules apply to crypto assets.
The Office of Information and Regulatory Affairs received the package on November 3, according to its review record. The submission, identified as RIN 3235-AN48, remains pending at the proposed-rule stage. The record lists no legal deadline.
The entry marks progress toward a new framework for intermediaries handling digital assets, while leaving the proposed requirements undisclosed. It does not identify specific capital reductions, custody exemptions or reporting relief that firms could begin using.
Capital, Custody and Records Are in Scope
The SEC’s regulatory agenda identifies Rules 15c3-1 and 15c3-3, other broker-dealer financial-responsibility provisions, and Rules 17a-3 and 17a-4 as the targets of the project.
These cover different parts of a brokerage business. The net-capital rule requires firms to maintain liquid financial resources appropriate to their activities. The customer-protection rule governs safeguards for customer funds and securities, including possession or control of covered customer securities.
The SEC’s broker-dealer guide explains those requirements as protections around a firm’s ability to meet obligations and safeguard client property. How they apply to crypto assets can affect the operational arrangements a registered broker uses to hold assets and service customers.
Recordkeeping is another part of the package. Rule 17a-3 covers the creation of records such as transaction logs, financial ledgers and customer-account information; Rule 17a-4 covers their preservation. The SEC distinguishes these functions in its recordkeeping framework.
Draft Details Remain Private
OIRA is part of the Office of Management and Budget within the Executive Office of the President. Its review coordinates scrutiny of significant draft regulations before publication.
The office’s published guidance says draft documents under review are deliberative and unavailable for public release during that process. That limits what can be concluded about the direction and scale of the SEC’s proposed changes.
The pending entry is therefore a procedural milestone. The eventual public proposal will show which obligations would be revised, which firms and assets would qualify, and what conditions would apply.
Agency Rulemaking Continues Alongside Congress
The submission comes as Washington pursues several routes to crypto oversight. Treasury Secretary Scott Bessent has backed agency cooperation following the CLARITY Act’s legislative setback.
Separately, CoinScreamer reported that House Democrats are discussing a new crypto bill that could expand the SEC’s role. Those legislative discussions and the broker-dealer rulemaking follow different processes.
Under the usual rulemaking sequence described by OIRA, an agency publishes a proposed rule, seeks public comments and considers that feedback before issuing a final rule with an effective date. For this package, the next substantive milestone is publication of the SEC’s text, which will allow brokers and customers to assess the actual changes.
Disclaimer: CoinScreamer is an independent media brand owned and operated by NuvexMedia LLC, publishing news, research, and market insights on digital assets and related technologies. NuvexMedia LLC invests in and collaborates with companies across the digital asset, blockchain, and technology sectors. These relationships do not influence CoinScreamer’s editorial coverage, and the publication maintains full editorial independence to provide accurate, timely, and objective information. © 2025 NuvexMedia LLC. All rights reserved. This content is for informational purposes only and should not be considered legal, tax, investment, financial, or other professional advice.
