The US SEC Officially Repeals the Expanded Custody Rule Proposal, Rule 3b-16, and Other Gensler-Era Regulations

According to a report by Jinse Finance, as revealed by crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has just officially repealed the expanded "Custody Rule" proposal and "Rule 3b-16," along with other rules from the Gensler era. The "Custody Rule" was intended to cover all client assets, including cryptocurrencies, broadening the definition of "custody" and raising concerns about whether certain state-chartered entities should be recognized as qualified custodians. "Rule 3b-16" proposed regulating decentralized finance (DeFi) exchanges/platforms as national securities exchanges. The SEC has also abandoned the proposal that would have required listed companies to comply with enhanced Environmental, Social, and Governance (ESG) reporting requirements.