Protocols & Policy · Crypto regulation
SEC crypto broker-dealer rule plan sits at White House review
A proposed Securities and Exchange Commission rule on broker-dealer financial-responsibility and recordkeeping for crypto assets, RIN 3235-AN48, was received for White House regulatory review on Nov. 3. The proposal text is not public.
SEC crypto broker-dealer rule plan sits at White House review
A planned Securities and Exchange Commission proposal that would amend broker-dealer financial-responsibility and recordkeeping rules for crypto assets is now under White House regulatory review, according to the Office of Information and Regulatory Affairs card for RIN 3235-AN48 [1]. OIRA is the White House office that reviews significant agency rules before they are published. The card shows the review was received Nov. 3, 2026 [1].
This is an OIRA review of a forthcoming proposal. It is not a final rule, and the proposal text is not public on the OIRA page [1].
How it works
The OIRA listing titles the action "Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules Regarding Crypto Assets," names the SEC as the agency, sets the stage as "Proposed Rule," shows no legal deadline, and marks it "Economically Significant: Yes" [1]. Economically significant means the White House treats the action as having large enough economic effects to require that review under Executive Order 12866.
Broker-dealer financial-responsibility rules set capital and customer-protection standards for firms that trade securities for customers. Recordkeeping rules say what those firms must document and keep. The Unified Agenda abstract for the same RIN says the SEC's Division of Trading and Markets "is considering recommending that the Commission amend Rules 15c3-1 and 15c3-3 and other broker-dealer financial responsibility rules, as well as Rules 17a-3 and 17a-4, to address the application of these rules to crypto assets" [2]. The abstract does not spell out what those amendments would require.
What the record shows
| Item | Per reginfo.gov |
|---|---|
| RIN | 3235-AN48 |
| Received at OIRA | Nov. 3, 2026 |
| Stage | Proposed Rule |
| Economically significant | Yes |
| Legal deadline | None |
| Rules named in agenda abstract | 15c3-1, 15c3-3, 17a-3, 17a-4 |
Table: Le Coin. Sources: reginfo.gov OIRA card; Unified Agenda abstract.
The agenda print view also lists a timetable line "NPRM 07/00/2026," a planned notice-of-proposed-rulemaking window on the spring agenda, not a published proposal [2]. It marks the priority "Economically Significant," matching the OIRA card, cites Exchange Act sections 15(c) and 17(a) as legal authority, and names Raymond Lombardo of the Division of Trading and Markets as the agency contact [2]. The OIRA card does not publish draft text or fee, capital or compliance numbers, and the agenda lists CFR citation as "Not Yet Determined" [2].
The objection
Until the SEC publishes a proposal in the Federal Register, outsiders cannot see the operative language. The agenda's "considering recommending" phrasing is staff planning language, not a Commission vote.
The tell (Le Coin's view)
In Le Coin's view, the stakes sit with the named rules: customer protection and books-and-records standards are where broker-dealer crypto custody fights usually land, and that is all the public agenda commits to naming so far.
Sources
- Office of Information and Regulatory Affairs, Pending EO 12866 Regulatory Review, RIN 3235-AN48. https://www.reginfo.gov/public/do/eoDetails?rrid=1571318 (accessed about 12:13 p.m. ET, Nov. 6, 2026)
- Unified Agenda / eAgenda, RIN 3235-AN48, Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules Regarding Crypto Assets. https://www.reginfo.gov/public/do/eAgendaViewRule?RIN=3235-AN48&operation=OPERATION_PRINT_RULE&pubId=202510 (print view accessed about 12:13 p.m. ET, Nov. 6, 2026)
Holding the Corner.
Not financial advice.