US SEC Inquires Investment Advisers Over Crypto Custody: Report

The United States Securities and Exchange Commission is targeting investment advisors for potentially offering digital asset custody to its clients without meeting proper criteria.that the Commission is probing advisers’ efforts to follow the rules around custody of clients’ digital assets after the implosion of FTX.

The SEC does not have any licenses, but the advisers that custody such assets with a firm should be classified to be “qualified custodians.” The investment advisers alsoThe Commission has already doubled down and dedicated more resources to its crypto team – Crypto Assets and Cyber Unit – which was formerly known as the Cyber Unit.

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Crypto industry leaders ‘scared of a strong SEC’ — Senator WarrenSenator Elizabeth Warren believes leaders of the crypto industry are rightly “scared” of the SEC because the bad actors are finally being held accountable under its chief Gary Gensler. Warren is cancer or severely misguided. What's the difference The whole point of Crypto is to return power to the citizen. If the SEC and FED are scared, that's a good thing. When will the Dems realise that their meddling usually screws up what market forces naturally sort out. But then again, interference is their whole thing, isn't it. SEC is a racket. Ban it
Source: Cointelegraph - 🏆 562. / 51 Read more »