The Multi-Party Collaborative Custody Model for Bitcoin

A qualified custodian is just an official designation that a particular company is in the good graces of the SEC to hold assets like stocks on their balance sheet. The Bitcoin rule is actually an unqualified custodian because a lot of the times they're not even custodians, like the physical sense of Bitcoin private keys. There's no difference between the qualified custodian from a physical custody perspective than FTX.

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