SEC votes to advance rule tightening crypto custody requirements
Article
Publish date
Feb 15, 2023 - 12:00am
Publisher
The Block
Web URL
https://www.theblock.co/post/211786/sec-to-vote-on-rule-that-would-tighten-crypto-custody-requirements
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The proposed rule would expand the current custody rule to include any client assets that an adviser has custody over and would also add more protections to those assets such as surprise examinations
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Gensler also warned that depending on how crypto platforms operate, investment advisers cannot rely on them as qualified custodians. An SEC official said some investment advisers do rely on crypto platforms as custodians.
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Registered investment advisers are subject to a custody rule, which requires them to maintain those assets with a qualified custodian, such as a bank or broker-dealer.
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