SEC Sends Proposal to White House To Modernize Crypto Custody
Bitcoin Magazine
SEC Sends Proposal to White House To Modernize Crypto Custody
The Securities and Exchange Commission has sent a proposal to the White House aiming to “clarify the framework for the custody of crypto assets” for investment advisers and companies.
In a rule change sent Tuesday, the regulator said it wanted to “improve and modernize the regulations” surrounding custody for the crypto space.
The proposal comes after a vote was delayed on the long-awaited Clarity Act. Despite the delay, regulators like the SEC and Commodity Futures Trading Commission have said they will still proceed with trying to shape crypto policy.
“This rulemaking would clarify the framework for the custody of crypto assets for investment adviser and investment companies, as well as make other modernizations needed to remove burdens from certain outdated provisions that are no longer needed to provide investor protection given the evolution in the markets and security trading and holding practices,” the proposal read.
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