On September 3, 2026, the U.S. Securities and Exchange Commission released two statements regarding a proposal to rescind Rule 206(4)-5 under the Investment Advisers Act of 1940, commonly referred to as the pay-to-play rule.
The rule currently restricts investment advisers from making political contributions to officials who can influence the selection of advisers for government clients, imposing a two-year timeout on compensation in certain cases. The proposed rescission would remove these restrictions, a move that could reduce compliance burdens for investment advisers and alter how they engage with public pension funds and other government entities.
The SEC published both statements on its website, indicating that the proposal is part of a broader regulatory review. No specific cryptocurrency assets or blockchain projects were directly named in the statements.
