The Office of Information and Regulatory Affairs (OIRA) announced that it has received a filing from the U.S. Securities and Exchange Commission (SEC) proposing revisions to the regulatory framework governing crypto broker‑dealers. The review, listed under regulatory identifier 3235‑AN48, marks the first formal White House assessment of the SEC’s effort to adapt capital and customer‑protection rules for the growing digital‑asset market. According to the filing, the proposal is still in the “proposed‑rule” stage and no deadline for completion has been set.

SEC’s Proposed Amendments

The SEC’s agenda focuses on updating Rules 15c3‑1 and 15c3‑3, which set net‑capital standards and dictate how broker‑dealers safeguard client assets. In addition, the agency seeks to amend Rules 17a‑3 and 17a‑4, which govern business‑record maintenance and retention for broker‑dealers. An SEC spokesperson told Bloomberg that the commission aims to develop “fit‑for‑purpose rules” that reflect the unique characteristics of crypto markets, though the exact language of the draft has not been released.

White House Review Process

OIRA’s record classifies the submission as “economically important,” indicating that the agency expects the rule changes could have a measurable impact on the financial system. However, the agency’s documentation does not provide a legal deadline for completing the review, and the White House has not published the proposal’s full text. As a result, the filing does not currently alter any existing broker‑dealer obligations, and firms must continue to comply with the current capital and record‑keeping standards.

Industry Context

The regulatory move comes as crypto broker‑dealers expand their service offerings. Earlier this month, Securitize announced that its SEC‑registered broker‑dealer, Securitize Markets, added 13 new tokenized equities—including Disney, Salesforce and ExxonMobil—to its platform, bringing the total to 25 stocks. The firm issues Solana‑based shares backed by USDC, allowing trading beyond regular market hours while operating under existing U.S. securities laws. The SEC’s proposed rule changes could affect how firms like Securitize manage capital buffers and customer‑asset protections.

What to Watch Next

Stakeholders will be monitoring whether the White House provides a timeline for the review and whether the SEC releases the full draft for public comment. Further clarification on how the proposed amendments would modify capital ratios or record‑keeping obligations could shape the compliance strategies of crypto broker‑dealers. Additionally, any subsequent guidance from the SEC on “fit‑for‑purpose” standards may influence the broader regulatory landscape for digital‑asset intermediaries.