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The US Securities and Exchange Commission (SEC) proposes to establish a new regulatory framework to regulate the custody of cryptocurrency assets by investment advisors and regulated funds. SEC Chairman Paul Atkins stated that the cryptocurrency market has developed into a trillion dollar asset class, and existing rules and regulations have failed to keep up with the development. This proposal allows for self custody in specific circumstances and allows state-level trust companies to provide custody services for clients and regulated funds. SEC Commissioner Hester Peirce clarified that self custody refers to investment advisors acting as custodians of client assets. (Source: US Securities and Exchange Commission)