SEC Chair Gensler proposes rules that would change which crypto firms can custody customer assets
Publishing timestamp: 2023-02-15 11:05:34
Summary
SEC chair Gary Gensler proposed amending federal custody requirements, expanding rules to include assets like crypto, which would require crypto exchanges to gain further regulatory approval. This move poses a threat to crypto exchange custody programs, as other federal regulators actively discourage custodians like banks from holding customer crypto assets. Coinbase already has similar arrangements in place, and Grayscale Bitcoin Trust (GBTC) custodies billions of dollars worth of bitcoin using Coinbase Custody. Representatives for Coinbase did not immediately return request for comment.
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Keywords: bank of america corp, cryptocurrency, gary gensler, breaking news: technology, cryptocurrency exchanges, investment strategy, fintech, coinbase global inc, technology, business news,