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SEC Proposes Major Expansion of Advisor Custody Rule

The SEC has proposed expanding the custody rule for investment advisors to cover all assets under an advisor’s custody. So reports CNBC.

Gary GenslerProposed by a 4-1 vote of the SEC, the broad overhaul would go beyond the current regulations, which only apply to assets like funds and securities, and sweep in crypto assets that aren’t securities.

The proposed rule would also require an institution custodying assets to keep up with charters or registrations.

While the proposal doesn't mention crypto firms, SEC chair Gary Gensler said later that “though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”

Read the full article from CNBC.

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