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Acting SEC chair Uyeda directs staff to reexamine proposed crypto custody rule
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12:00am, Monday, March 17, 2025
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Acting SEC chair Uyeda directs staff to reexamine proposed crypto custody rule
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The custody rule, proposed under the former Biden administration when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over and would also add more protections to those assets. Registered investment advisers are subject to a custody rule, which requires them to maintain those assets with a qualified custodian, such as a bank or broker-dealer. The rule would extend those standards to the crypto industry, raising concerns about whether that would further limit the number of banks willing to do business with the sector.
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SEC Acting Chair Mark Uyeda said commenters had significant concerns over a rule proposed in February 2023 that would require registered investment advisers to keep crypto with a qualified custodian and require those custodians to abide by certain requirements.
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