SEC proposes new regulations for cryptocurrency custody, opens 60 day consultation for opinions

On October 1st, the SEC proposed new regulations and amendments to establish a cryptocurrency custody framework for registered investment advisors and regulated funds, revise the requirements of the 1940 Investment Advisers Act and Investment Company Act, allow self custody of cryptocurrency assets under specific circumstances, and include state chartered trust companies as qualified custodians. Chairman Atkins stated that the current rules have not kept up with the pace, and the new regulations will replace the uncertainty brought by the customized custody rules for the old era. (Source: SEC)