SEC Commissioner: State chartered trust companies should be considered as qualified crypto custodians

According to Mondo Visione, Mark T. Uyeda, Commissioner of the US Securities and Exchange Commission (SEC), stated at the Crypto Asset Custody Roundtable that current federal regulatory agencies have allowed national banks to hold crypto assets as trustees. Given the historical practice of allowing state chartered banks to compete with federal chartered banks, it is recommended that the SEC consider listing state chartered trust companies as qualified crypto custodians. The committee may also consider taking further measures to enhance competition by modifying or terminating the committee's "special purpose broker dealer" system, providing temporary guidance on how companies can manage non securities encrypted assets, encrypted asset securities, and traditional securities to comply with capital and customer protection rules, and ultimately incorporating these guidance into amendments to these rules.