On May 13th, the U.S. Securities and Exchange Commission (SEC) met with two groups involved in digital assets – the Wall Street Blockchain Alliance (WSBA) and Copper Technologies. These meetings show the SEC is continuing to discuss how to best regulate the fast-growing market for cryptocurrencies and other digital assets.
SEC meeting records show discussions centered on rules for crypto trading, safeguarding digital assets, managing collateral, and the increasing adoption of tokenized assets by larger financial institutions.
These meetings are happening while officials consider new laws for the crypto industry, like the CLARITY Act. This act would split responsibility for overseeing crypto between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.
WSBA pushes for clear registration pathways
In its recent meeting, the WSBA discussed what kind of further instructions from the SEC would be useful for companies working with digital assets.
The discussion covered several key areas, including how to categorize different types of digital tokens, rules for storing them safely, what responsibilities brokers have when dealing with them, the use of digital versions of traditional securities, and using stablecoins to complete transactions. Participants also explored how the SEC and CFTC might work together if they shared regulatory oversight.
The WSBA focused on streamlining rules and creating clear, workable registration processes for companies that facilitate trading.
Copper focuses on custody and collateral mobility
Copper focused its presentation on the infrastructure institutions need to trade and finance digital assets built on blockchain technology. They highlighted their ClearLoop platform, which lets companies manage collateral without having to deposit funds on exchanges beforehand. Copper explained that the system supports keeping client funds separate and automatically adjusts margin requirements up to 24 times daily.
As a researcher, I recently learned about a fascinating discussion between Copper CEO Amar Kuchinad and consultant Alan Sobba. They explored the potential of using blockchain-based assets – things like tokenized deposits and stablecoins – as collateral, specifically for initial and variation margin in regulated financial markets. A key question they examined was whether clearinghouses and swap dealers regulated by the SEC could actually accept these digital assets as collateral.
Copper raised important questions for regulators about how different ways of completing transactions – like immediate exchange for payment or delayed exchange – should be handled. They specifically asked how much financial backing companies should be required to have when settling trades with traditional money, stablecoins, or other digital currencies.
They also wanted to know if the way a digital asset is legally structured would impact whether it could be used as security for a loan.
SEC guidance on covered user interfaces
Copper questioned the SEC’s April 2026 guidance regarding “covered user interface providers.” This guidance lets some wallet interfaces function without needing to register as broker-dealers.
The company is investigating whether allowing registered investment advisors to use qualified custodians to access certain systems could impact their regulatory exemption. This is becoming more important as financial institutions look into tokenized securities and new ways of trading using decentralized applications.
Institutional interest in tokenized markets grows
These meetings highlight the fact that companies in the financial industry are urging the SEC to provide clearer rules as they begin offering tokenized funds, digital asset storage, and blockchain-based settlement services.
The WSBA concentrated on policy and rules, while Copper dealt with the practical details of safely holding and securing digital assets. These conversations highlight the real-world challenges institutions face as digital assets become more integrated with traditional finance.
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2026-05-14 17:27