Coinbase has called for certain modifications to the proposed rule regarding registered investment advisers’ (RIA) obligations to hold client assets at qualified custodians.
Even as the United States Securities and Exchange Commission (SEC) deemed Coinbase Custody as a “qualified custodian,” the crypto exchange believes the revised RIA rule makes “unwarranted assumptions about custodial practice.”
Revisions Needed
The chief legal officer of the San Francisco-based company, Paul Grewal, believes the proposal titled ‘Safeguarding Advisory Client Assets, Proposed Rule 223-1’ is “misguided.”
In a new letter to the securities watchdog, Grewal highlighted the need to make several revisions. He also said that certain assumptions made on the proposal are unnecessary and inappropriate and could prove “detrimental” to consumer protection for various asset classes, including crypto, “whether or not they are securities.”
The letter advocated that the SEC should continue t
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