The US stock and values commission. UU. It has deciphered the door to welcome the custody of cryptography in a wide range of companies that have won state charters such as trusted companies, a list that would include Coinbase, Kraken’s confidence affiliates and other high profile names in Crypto.
The SEC Investment Management Division issued a so -called non -action letter on Tuesday, a document that ensures that the regulator does not intend to carry out any compliance action by those who participate in the specific activity, in this case, that the advisors and funds recorded in the SEC can park digital active active in state trust.
These qualified-Custodian questions had represented a battlefield of policies during the mandate of the former presidents of the SEC, Gary Gensler and Jay Clayton, the first led the agency to introduce an abandoned proposal later that it would have limited what types of companies could handle the crypto of regulated investment advisors. Gensler made it clear that he had the specific intention of muscular exchanges such as coinbase.
But the new administration of the SEC, above all, President Paul Atkins, is looking for a cryptographic campaign, and Atkins says earlier this week that establishing industry policies is the main priority of the agency (as assigned by President Pro-Crrypto Donald Trump).
While the Tuesday’s non -action letter is not a rule of the formal agency, it has enough weight for companies free from short -term compliance concerns. Specifically, the document said that the SEC “would not recommend compliance actions to the commission under the provisions of custody against a registered advisor or a regulated fund to treat a state fiduciary company as a” bank “regarding the placement and maintenance of cryptography assets.”
Gensler’s previous argument was that cryptographic companies were not safe and regulated enough to qualify as risks free enough for registered investment advisors to maintain the assets of their customers.
“Although it was never adopted, the proposal has created problems for investment advisors through its claim that most cryptographic assets are probably funds or values of cryptographic assets covered by the current rule, and therefore must be maintained with a qualified custodian,” said Commissioner Hester Peirce in a speech in Singapore on Tuesday.
She argued that the agency “should consider updating the rules that govern the permissible custodians for registered investment advisors and investment companies,” added that perhaps technologically expert companies should be allowed custody assets.
But the commissioner Democrat Caroline Crenshaw, who was allied with Gensler at this point two years ago, issued a statement that opposes the treatment without action, saying that the SEC is effectively treating cryptography as something apart from the rest of the financial sector. E is ignoring the efforts of the companies that pursue the federal office of the Office of the Comptroller of La Moneda.
“Instead of creating a level playing field, we leave investors and markets to bet on an unnecessary regulatory roulette game of 50 states, just to accommodate cryptography,” he said. “Executing a change in this magnitude through relief without action without public comments and without any economic analysis is poorly advised for many reasons, among which it is likely to violate the administrative procedure law, although this has become common by this commission.”
The SEC has been looking for a series of cryptographic policies under the recent Atkin Crypto project, and the president has established an agenda to issue formal cryptography rules in the coming months. Meanwhile, Congress has achieved great progress in the legislation to more completely regulate US digital asset markets.
