The U.S. Securities and Exchange Commission has unveiled draft rules aimed at tightening how registered crypto exchanges safeguard customer assets. The proposal would require exchanges to keep client holdings separate from company funds and undergo independent audits, steps the agency says are intended to reduce the risk of misuse and improve oversight.

The draft also points to Europe’s Markets in Crypto-Assets framework, or MiCA, which is set to shape licensing standards for digital asset firms across the bloc. By referencing the upcoming regime, the SEC is signaling that U.S. crypto compliance may increasingly move in step with international rules, especially as regulators seek more consistent safeguards for investors.

For exchanges, the proposal could mean higher compliance costs and more operational scrutiny at a time when the industry is already facing pressure over custody, transparency, and market stability. Supporters are likely to frame the move as a necessary consumer protection measure, while critics may argue it could add another layer of friction to an already heavily regulated sector.

The draft rules are not yet final, but they mark another sign that regulators in the U.S. and Europe are pushing digital asset firms toward stricter standards on asset segregation, auditing, and licensing.