SEC draft rule begins White House review… to cover virtual asset brokers

The U.S. Securities and Exchange Commission has sent a proposed rule package covering cryptoasset broker-dealers to the White House Office of Information and Regulatory Affairs for review, with the agenda (RIN 3235-AN48) logged on November 3 and classified as an "economically significant" action with no statutory deadline listed. The proposal would revisit broker-dealer net capital requirements under Rule 15c3-1, customer asset protection under Rule 15c3-3, and recordkeeping and retention obligations under Rules 17a-3 and 17a-4, and may extend to other broker-dealer financial responsibility rules. The review matters because it marks a formal step toward writing crypto-trading intermediaries into the SEC's core financial-responsibility framework, a move that could reshape capital, custody and books-and-records obligations for firms handling digital assets. What to watch next is the length and outcome of OIRA review, the release of the proposed text for public comment, and whether the final scope captures decentralized or non-custodial intermediaries alongside traditional broker-dealers.