The American Bankers Association this week joined five associations in urging the Securities and Exchange Commission to extend the comment deadline for its proposed crypto custody rules, saying more time is needed to answer given the highly technical nature of the subject.
The SEC has proposed to modernize and clarify several elements of existing custody requirements and establish a dedicated framework for the custody of crypto assets. In their letter, the associations said that the proposal is very complex in nature, and the commission is seeking public feedback on more than 300 aspects of the rules. They also noted the SEC has other proposals with comment periods ending around the same time.
The current comment deadline is Dec. 7. The associations asked the SEC to push that back by 45 calendar days.
“To ensure that market participants seeking to evaluate and provide substantive input on the proposal are well-positioned to provide constructive feedback, particularly as market participants concurrently review several significant SEC rulemaking proposals with overlapping comment periods, we believe additional time to develop comments would be helpful to meaningfully address longstanding questions and advance the commission’s objective of durable modernization,” the associations said.
