SEC has just opened a new door for Wall Street: investment advisers can now keep their clients’ crypto assets themselves 🔑
On October 1, the U.S. SEC published a proposal on crypto asset custody rules covering registered investment advisers and regulated funds. The key points are:
First, conditional self-custody. Advisers must have custody experience and internal controls, mainly for assets that don’t yet have access to a qualified third-party custodian—such as newly launched coins.
Second, state trust companies may officially serve as custodians.
SEC Commissioner Uyeda also acknowledged that when advisers self-custody clients’ assets, there are “inherent conflicts of interest,” and the fiduciary duty still applies.
After the proposal is published, there will be a 60-day public comment period; it’s not a final rule yet.
My take: lowering the threshold means more institutional capital will have a compliant entry point, but the question of “who holds the keys” is one the crypto world has already taught everyone through repeated blowups.
If your wealth adviser is going to help you allocate crypto assets, would you be more comfortable letting them self-custody, or using a third-party custodian—even holding the private key yourself?👇
Source: CoinDesk, The Block
#SEC #加密监管 $BTC
#BinanceSquare
⚠️ The above is an information compilation and personal viewpoint and does not constitute investment advice. DYOR.
On October 1, the U.S. SEC published a proposal on crypto asset custody rules covering registered investment advisers and regulated funds. The key points are:
First, conditional self-custody. Advisers must have custody experience and internal controls, mainly for assets that don’t yet have access to a qualified third-party custodian—such as newly launched coins.
Second, state trust companies may officially serve as custodians.
SEC Commissioner Uyeda also acknowledged that when advisers self-custody clients’ assets, there are “inherent conflicts of interest,” and the fiduciary duty still applies.
After the proposal is published, there will be a 60-day public comment period; it’s not a final rule yet.
My take: lowering the threshold means more institutional capital will have a compliant entry point, but the question of “who holds the keys” is one the crypto world has already taught everyone through repeated blowups.
If your wealth adviser is going to help you allocate crypto assets, would you be more comfortable letting them self-custody, or using a third-party custodian—even holding the private key yourself?👇
Source: CoinDesk, The Block
#SEC #加密监管 $BTC
#BinanceSquare
⚠️ The above is an information compilation and personal viewpoint and does not constitute investment advice. DYOR.