Big news for crypto custody!
SEC Commissioner Mark Uyeda has proposed that state-chartered trust companies-not just national banks-should be recognized as qualified crypto custodians. This move could boost competition and expand secure custody options for digital assets, making it easier for crypto firms to find compliant partners.
Uyeda also called for revising or scrapping the restrictive ‘special purpose broker-dealer’ framework, aiming for clearer, more practical rules for holding both crypto and traditional assets. The SEC is actively reconsidering tough custody proposals from the previous administration, signaling a more industry-friendly approach ahead.
Why does it matter? More qualified custodians = more innovation and better access for the crypto community. Stay tuned as regulatory clarity evolves!
