Wallstreet’s leading financial regulator, the Securities and Exchange Commission (SEC) has recommended stricter rules for businesses that secure assets for fund managers. This move might further constrain crypto platforms such as Coinbase and Kraken as the industry faces continuing pressure from regulators.
SEC’s Latest Crypto Crackdown
On Wednesday, the SEC voted 4-1 to propose a rule that would expand the types of assets that investment advisers, such as hedge funds and pension funds, are required to hold using qualified custodians. The new rule, if it were to be passed, would expand the scope of the safeguarding mandate to cover any assets, including cryptocurrency, that financial advisers are entrusted with.
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Banks, trust companies, and broker-dealers are the classic types of businesses that qualify as qualified custodians. In spite of this, over the past several years, trading platforms like Coinbase have begun to
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