The U.S. White House Office of Management and Budget is reviewing the SEC’s proposal on brokers’ digital asset businesses
The U.S. White House Office of Management and Budget (OMB) is reviewing a proposal by the U.S. Securities and Exchange Commission (SEC) on how brokers should conduct digital asset businesses, and the proposal was submitted earlier this week. An SEC spokesperson said the SEC expects to consider a proposal to amend broker-dealer financial responsibility, recordkeeping and reporting requirements to clarify how the above rules apply to crypto assets.
In addition, the U.S. Commodity Futures Trading Commission (CFTC) also submitted another proposal to the OMB this week, aiming to strengthen consumer protection measures for prediction markets.
Original source:
Title: White House Reviewing SEC’s Proposed Crypto Broker Rule Changes Publisher: Bloomberg Publication date: 2026-11-05 URL: https://www.bloomberg.com/news/articles/2026-11-05/white-house-reviewing-sec-s-proposed-crypto-broker-rule-changes Nature of source: financial media report (citing the OMB page and an SEC spokesperson) Verification status: Read the Bloomberg report summary and accessible portions; the proposal submission and content description were cross-checked against multiple English-language media sources Supporting content: Confirms that the OMB is reviewing the SEC-submitted proposal related to brokers’ digital assets and that the CFTC simultaneously submitted a prediction markets proposal
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The OMB review stage shows that the SEC proposal has completed internal drafting and entered the administrative review process, and has not yet officially been released for public comment. The proposal concerns how broker-dealer financial responsibility, recordkeeping and reporting rules apply to crypto assets, and it is a revision of rules rather than the creation of an independent new framework.
On the regulatory path, the SEC and the CFTC both submitted related proposals to the OMB this week, involving brokers’ crypto businesses and consumer protection for prediction markets, respectively. The two are advancing in parallel, but their rule scopes and regulatory targets differ: the SEC is focusing on broker compliance requirements, while the CFTC is focusing on prediction market protection measures.
A comparable case is a prior SEC proposal on the custody of crypto assets by investment advisers and funds, which likewise entered OMB review. The similarity is that rule revisions first go through OMB review before entering the public process; the difference is that this time the proposal clearly targets broker-dealer financial responsibility and recordkeeping rules, rather than custody arrangements themselves.
What this event changes is the confirmed status that both proposals have entered OMB review, rather than that the rules have taken effect or that the final text has been published. Items to watch are the completion of OMB review, the publication of the SEC and CFTC’s formal proposal texts, and the launch of the public comment process.
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Submitting a proposal for OMB review does not mean the rule has been officially published or taken effect.
The SEC’s broker rule revisions and the CFTC’s prediction market proposal were submitted in the same week, but their regulatory targets and rule scopes differ.
The revisions target the application of existing financial responsibility and recordkeeping rules to crypto assets, rather than creating a new independent framework.