The SEC submitted a proposal identified as RIN 3235-AN48 to the White House regulatory review office on Nov. 3, seeking possible changes to four securities rules governing broker-dealer capital, customer protection and recordkeeping for crypto assets. The filing, titled "Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules Regarding Crypto Assets," remains under review, and no public draft or release date has been established. The targeted provisions are Rules 15c3-1, 15c3-3, 17a-3 and 17a-4, covering net capital, customer asset safeguards, and the creation and retention of records. Democrats won majorities in both chambers in the Nov. 3, 2026, midterm elections and are due to take control on Jan. 3, 2027, giving congressional Democrats avenues to scrutinize the proposal through hearings, document requests and funding negotiations. That political shift would not by itself determine the outcome, which remains subject to the regulatory process, the SEC's statutory authority and President Donald Trump's veto power. The proposal follows December 2025 SEC staff guidance on crypto custody and capital calculations, including a 20% capital haircut for certain proprietary bitcoin and ether holdings and a 2% haircut for qualifying payment stablecoins. Unlike staff interpretations, adopted rules could establish binding requirements after public consultation and commission approval. Broker-dealers and digital-asset firms are waiting to see whether the final approach expands crypto services under clearer standards or adds technology, custody and compliance costs.