The White House’s regulatory review office logged a Securities and Exchange Commission draft on Nov. 3 that would rework how the agency’s broker-dealer rules apply to crypto assets, according to a federal review record. The Office of Information and Regulatory Affairs (OIRA), part of the White House Office of Management and Budget, reviews draft federal rules.

The record lists the item as “Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules Regarding Crypto Assets” at the proposed rule stage. It marks the draft economically significant and shows no legal deadline for action.

The proposal’s text has not been released, and neither the review record nor the SEC’s agenda spells out what the agency would change.

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What the Agenda Entry Says

According to the SEC’s regulatory agenda entry for the item, a division of the agency was “considering recommending that the Commission amend Rules 15c3-1 and 15c3-3” along with “other broker-dealer financial responsibility rules, as well as Rules 17a-3 and 17a-4, to address the application of these rules to crypto assets.” The entry cites sections 15(c) and 17(a) of the Securities Exchange Act as its legal authority, and its timetable had set July 2026 for the proposal.

All four are existing rules: 15c3-1 is the net capital rule for brokers and dealers, 15c3-3 is the customer protection rule covering reserves and the custody of securities, and 17a-3 and 17a-4 set which records firms must make and preserve.

Why It Matters

Together these rules set how much capital a brokerage must hold, how it safeguards customer assets and what records it keeps, so how they treat crypto shapes how readily, and on what terms, broker-dealers can carry tokens alongside stocks and bonds. Until the SEC publishes the text, the review confirms only that a draft exists and has left the agency, not what it would require.

A Wider SEC Rule Push

The review follows the SEC’s Oct. 1 proposal of a custody framework for crypto held by registered investment advisers and regulated funds, which would also allow state trust companies to act as custodians.

In September, SEC Chair Paul Atkins said the agency would write crypto rules under its existing authority, with or without new legislation, after the Clarity Act stalled in the Senate, Unchained reported.

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