The SEC is reportedly planning to propose a rule change for crypto firms on 15 February. The proposal would make it harder for crypto firms to become qualified custodians for hedge funds, pension funds, and more. The U.S. Securities and Exchange Commission (SEC) reportedly has a proposal in the pipeline that may affect the way […]
The SEC is reportedly planning to propose a rule change for crypto firms on 15 February.
The proposal would make it harder for crypto firms to become qualified custodians for hedge funds, pension funds, and more. The U.S. Securities and Exchange Commission reportedly has a proposal in the pipeline that may affect the way that crypto firms interact with hedge funds, private equity firms, and hedge funds.Bloomberg
, the SEC will propose changes to certain rules on 15 February, aimed at crypto firms that operate as “qualified custodians”. People familiar with the matter revealed that the Wall Street regulator’s draft proposal will tighten the rules for crypto firms. They will need to qualify as entities that hold client assets for money managers, in this case, crypto assets.
Institutional outfits, including hedge funds and pension funds, are required to have qualified custodians to hold digital assets on behalf of their clients. If approved, the new rule would prompt these institutions to shift their clients’ digital assets. A five-member SEC team will vote on this approval on 15 February and put it out for public comment. A final vote, which would take the public feedback into consideration, would follow this.
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