SEC probes Wall Street investment advisers over clients' crypto custody

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SEC probes Wall Street investment advisers over clients' crypto custody Cryptocurrencies

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The problem for traditional financial firms is that finding ‘qualified’ custodians is not an easy call at all. Multiple attorneys told Reuters that the SEC’s accounting guidance “has made it too capital-intensive for many lenders to hold digital assets on behalf of clients,” which limits the custody options advisers can access. To complicate matters further, the SEC does not maintain a list of custodians it deems qualified, or offer any licensing process for firms to be recognized as qualified.

The SEC’s Division of Corporation Finance wants companies to evaluate their disclosures to give investors “specific, tailored disclosure about market events and conditions, the company’s situation in relation to [them], and the potential impact on investors.” The DCF added that companies with ongoing reporting obligations should verify whether their existing disclosures need to be updated.

 

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