SEC's chairman has proposed amending federal custody rules to cover 'all crypto assets.' GaryGensler cryptocurrency bitcoin
U.S. Securities and Exchange Commission Chairman Gary Gensler has proposed amending federal custody rules to cover “all crypto assets.” The SEC chief said: “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”The chairman of the U.S. Securities and Exchange Commission , Gary Gensler, announced Wednesday that he has proposed changes to federal regulations “to expand and enhance the role of qualified custodians.
The proposal would also “make explicit that the custody rule’s safeguards apply to discretionary trading — when an adviser would seek to buy or sell an investor’s assets on behalf of an investor,” Gensler described. Further, it would “enhance requirements for foreign financial institutions that serve either as qualified custodians or as sub-custodians to a qualified custodian,” he detailed.
Based upon how crypto platforms generally operate, investment advisers cannot rely on them as qualified custodians. Reiterating his concerns that crypto platforms are not properly segregating customer assets, the SEC chairman said:
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