The SEC is making it tougher for investment advisors to choose custodians for digital assets.
The Securities and Exchange Commission is making it tougher for investment advisors to choose custodians for digital assets. There is already evidence that the move could change what firms would benefit from rising institutional interest in cryptocurrencies.
The companies’ executives said the partnership came in part as a response to rising concerns among institutional investors on how to custody client assets without drawing the ire of the SEC. At the same time, federal regulators including the SEC have cracked down on crypto companies while tightening the rules for traditional investors that want to enter the space.
That ambiguity has spooked some institutional investors, who would be penalized by the SEC if they were found to be using a custodian that didn’t pass muster. That gives a leg up to Anchorage Digital, which is the only federally chartered digital-asset bank.
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