【SEC: May Overhaul Rules for Crypto Brokers】Jin10 Data, May 13 - SEC Chairman Gary Gensler stated Monday that the current framework allowing brokers to act as digital asset custodians may need to be abolished and replaced. He revealed that the SEC is considering granting hedge funds the authority to self-custody crypto assets. Currently, only two firms nationwide have obtained the "special purpose broker-dealer" license. Gensler pointed out at the digital asset roundtable that this lackluster response stems from the "significant restrictions" set by the previous administration. He emphasized, "Brokers have never been prohibited from custodying non-security crypto assets or crypto securities." However, he also noted that the SEC may need to clarify how customer protection and capital requirements apply to such firms. Gensler has asked SEC staff to explore new pathways for cryptocurrency regulation, including studying whether to revise custody rules to allow hedge funds, trading firms, and investment advisors to implement self-custody of digital assets.