White House Begins Review of ‘Economically Significant’ SEC Crypto Broker-Dealer Draft

The White House Office of Information and Regulatory Affairs on Nov. 3 began reviewing a draft SEC rule designated “economically significant” that would reshape how broker-dealers handle crypto assets. The draft’s text has not been released, leaving unclear what specific changes it would impose on firms that custody or trade digital assets. The “economically significant” label signals the rule carries an expected annual economic impact of $100 million or more, subjecting it to heightened White House scrutiny before public release. The review matters because it could determine whether crypto-trading brokerages face bank-like capital, custody and recordkeeping requirements. What to watch next is the draft’s publication and comment period, which will reveal whether the SEC extends existing broker-dealer rules to digital assets or carves out a tailored regime.