SEC proposes new crypto custody rules

 The US Securities and Exchange Commission (SEC) proposed new rules on Thursday to establish a crypto custody framework for registered investment advisers and regulated funds.

"Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace," SEC Chair Paul Atkins said. The new framework was "designed to protect the assets of advisory clients and regulated funds from loss, theft, misuse, and misappropriation," Atkins noted.

The proposed rules would define which entities are eligible to custody digital assets, and impose clearer recordkeeping and federal disclosures on investment advisers and regulated funds.

https://breakingthenews.net/Article/SEC-proposes-new-crypto-custody-rules/67219735