US House financial committee thinks SEC Exceeding its Authority

The Chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have written to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman expressing their concerns about the SEC's proposed advisory clients custody rule.

They join several crypto industry figures in objecting to the proposal. The group argues that the SEC is overreaching its authority with the proposed Registered Investment Adviser (RIA) rule, which aims to impose stricter requirements on qualified custodians of client assets. They claim that the move would unfairly impact assets outside of the SEC's jurisdiction and financially burden the digital asset market.