The U.S. Securities and Exchange Commission (SEC) is examining whether traditional clearinghouse models are still applicable to blockchain systems that offer near real-time settlement and algorithm-managed counterparty risk. This review is part of a broader effort to understand the regulatory implications of blockchain technology in financial markets. Additionally, the SEC is assessing how crypto custody products that generate on-chain yields fit within the frameworks of the Securities Act and the Investment Advisers Act. These evaluations could lead to significant regulatory updates affecting the crypto industry.