Why the Newly Proposed Custody Role Could Represent a De Facto Ban on Crypto
The Breakdown
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The SEC's Crypto Custodial Rule
The proposal will now be open for a 60 day public comment period, after which the commissioners will hold another vote on passing the rule. A key requirement of a designated custodian is to hold customer assets in a segregated and individually identifiable account. Gensler: Rather than properly segregating investors crypto, these platforms have commingled those assets with their own crypto and other investors crypto.
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