The Securities Compliance Podcast Season 6 Episode 2 – The SEC Crypto Task Force

Podcast

Securities Compliance Podcast: Compliance in Context

In Season 6 Episode 2 of The Securities Compliance Podcast: Compliance in Context, host and Calfee Partner Patrick D. Hayes tackles one of the most significant topics being discussed so far in all of 2025, namely cryptoassets and the SEC’s Crypto Task Force. SEC Commissioner Hester Peirce helps guide the conversation - sharing her unique perspective regarding specific focus areas, collaboration with the industry, and other notable items from the first of 2025. In the Headlines section, FinCEN recently announced that the compliance date for the AML Rule for investment advisers is being delayed by two years. The episode closes with another installment of History Has Your Back, where the story of a famous stockbroker and humanitarian demonstrates the importance of unsung heroes.

Show

Headlines

• Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that the compliance date for the anti-money-laundering rule for investment advisers is being delayed by two years.

Interview with SEC Commissioner Hester Peirce

• Background on the SEC’s Crypto Task Force

• What areas has the Task Force been focused on of late?

• Has there been additional collaboration with the industry?

• How will the area of issuance evolving over the next few years and how can the SEC establish itself as a leader in this space both domestically and internationally?

• Why is the issue of custody so challenging in the crypto space?

• How might self-custody be a safer option for some crypto assets?

• How will the issue of taking self-custody of crypto assets evolve over the next several years?

• Is there an expectation that broker-dealers will go to market with a “super app” that offers trading in securities and non-securities and other financial services all under a single roof?

• Do you think further guidance or rulemaking may be helpful for enabling the listing and trading of crypto assets on national securities exchanges?

History Has Your Back

• Famous stockbroker Nicholas Winton demonstrates the significance and impact of unsung heroes

Quotes

19:13 – “I should say that self-custody, that term can mean different things, right? I think someone with crypto assets—does that advisor need to go to a third party custodian or can that advisor hold those crypto assets itself? One reason may be that there isn’t a third party that’s out there that’s able to provide custody. Another reason is that you may feel that you can do it better or you can do it in a way that enables you to manage that that in a way that’s beneficial to your client. And so, again, the goal is that you are taking care of that asset, making sure that nothing happens to it, right? So I don’t think anyone should take on the job of custody lightly. And so I think we do have to be careful as we think about that and not just assume that everything is going to be okay.” – Hester Peirce

21:52 – “We always need to remember that we can’t—we always need to not forget the lessons of the past, even as we’re thinking about whether this new technology maybe should give people more latitude to do different things. We have to keep in mind the risks that we’re trying to protect people from.” – Hester Peirce

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About the Securities Compliance Podcast: Compliance in Context

Introducing the Securities Compliance Podcast: Compliance in Context presented by Calfee, Halter & Griswold, and the National Society of Compliance Professionals and hosted by Patrick D. Hayes, Partner and Chair of Calfee's Investment Management practice.

Designed as a personal master class for the securities legal and compliance professional, this podcast embodies Patrick’s passion to help you put Compliance In Context™ by combining the technical expertise of industry thought leaders and innovators with the practical experience of doers and key decision makers.

Listeners will find the podcast on Apple Podcast, Google Podcast, and Spotify.

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The opinions expressed by guest speakers and panelists during Securities Compliance Podcasts may not necessarily reflect the viewpoints of the attorneys and professionals of Calfee, Halter & Griswold LLP, or its subsidiaries or affiliates. Calfee’s educational content is intended to inform and educate readers about legal developments and is not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results.