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SEC chair Gary Gensler proposed amending federal custody requirements, expanding the rules to include assets like crypto, a change that would require crypto exchanges to gain further regulatory approval. The proposed changes would mandate custodians, including crypto exchanges, secure or maintain certain federal or state registrations, even as regulators are both increasing scrutiny on crypto companies and making it more difficult to secure regulatory approval for crypto products.
“Make no mistake: Today’s rule, the 2009 rule, covers a significant amount of crypto assets,” Gensler said in a statement. “As the release states, ‘most crypto assets are likely to be funds or crypto asset securities covered by the current rule.’ Further, though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”
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