The U.S. Securities and Exchange Commission (SEC) went too far when it proposed a new rule demanding investment firms safeguard all of their clients’ assets – including crypto – with approved custodians, according to an array of critics not often in alignment.
The securities regulator said the expanded requirement for how registered investment advisers keep customer assets should extend to pretty much everything the firms are in charge of. While the February proposal explicitly folded in cryptocurrency, it also included other assets in a move that drew loud objections from organizations that aren’t always on the same side as the crypto industry – financial giant JPMorgan and the Small Business Administration (SBA) among
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