The chair of the United States Financial Services Committee and six other members slammed the SEC's 'incredibly costly' proposal to change crypto custody rules.
According to their letter, the proposed rule would apply to assets beyond the agency’s jurisdiction, such as “art, cash, commodities, and nontraditional assets” and impede “the jurisdiction of other regulators by imposing custody rules on entities that already have their custody practices regulated by another regulator.”The letter claims that the proposal deviates from standard industry practice and would be “incredibly costly” and would “undermine banks’ most basic function, holding cash.
“The Proposed Rule would have an outsized impact on digital asset market participants, as entrepreneurs and companies within the ecosystem already struggle to find banks willing to custody their assets.” The digital asset market often turns to state-chartered banks and trusts for banking services. The proposed rule’s restriction of qualified custodians to federally chartered entities would create complications for them and reduce competition, the letter said. In addition,The proposed rule has
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