Digital asset firms and Wall Street institutions have filed comments urging the SEC to revise its cryptocurrency proposal, 'Regulation Crypto Assets,' as the public comment period draws to a close. Both camps want changes to the rule before the agency finalizes it. That crypto and traditional finance are pushing in the same direction — at the same time — is the notable part.
Two industries, one comment file
The proposal, branded 'Regulation Crypto Assets,' has pulled in feedback from crypto-native companies and legacy financial institutions alike. The two groups rarely agree on much, but both have taken issue with the proposal as written and are asking the SEC to go back and revise it. The comment period is closing now, which means the window for shaping the rule is nearly shut.
Details of the specific revisions requested weren't laid out in the source material, and neither side has issued a public statement beyond the comments themselves. What's clear is that the pushback is coming from both directions — not just the crypto industry that would typically be expected to object.
Why the overlap matters
When crypto firms and Wall Street are both filing comments on the same SEC proposal, it usually signals that the rule as drafted would affect both markets in ways neither is comfortable with. The agency now has a comment file that includes feedback from the digital asset side and the traditional finance side. Whether the SEC treats that as a mandate for revision or simply as part of the record is the open question.
The proposal's name alone — 'Regulation Crypto Assets' — suggests a broad scope rather than a narrow fix, and broad rules tend to draw broad opposition. That's what's happening here.
What the SEC does with the file
The comment period closing doesn't mean the rule is final. Agencies typically review the submissions, and they can revise the proposal before adopting it. They can also finalize it as drafted and let the courts sort out the objections later — a path that has become more common in recent years, though the facts here don't say which way the SEC is leaning.
What the record does show is that the agency is hearing from two industries that don't often share a position. That's a data point the SEC will have to weigh as it decides whether to re-propose, amend, or move ahead.
The next date on the calendar
The immediate next step is the close of the comment period itself. After that, the SEC's handling of the proposal — whether it revises the text, reopens the comment window, or proceeds toward a final rule — will be the thing to watch. For now, the file is closing with both crypto and Wall Street on record asking for changes.
