The US Securities and Exchange Commission (SEC)’s chairman Gary Gensler proposed expanding federal custody requirements to include crypto, according to CNBC News.
The expansion will require crypto exchanges to go under heavier registration processes to be considered a custodian and separate their users’ assets from the company holdings, CNBC reported. Gensler stated:
“Our securities law says that you need to properly segregate customer funds. You also shouldn’t be running a broker-dealer or a hedge fund and an exchange. The New York stock exchange doesn’t also have a hedge fund on the side and trade against their customers.”
Currently, federal custody regulations include assets like funds or securities held by investment advisers. According to the current setting, investment advisers must hold the securities and funds that belong to their customers at a federal or state-chartered bank.
The investment advisers in question include actors like registered hedge funds, and wealt
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