SEC's New Guidance Opens Path for State Trust Crypto Custodians
TL;DR Summary
The Division of Investment Management clarified that, under specific conditions, a State Trust Company can be treated as a 'bank' for custody of Crypto Assets and related cash or equivalents, provided it meets certain regulatory and operational standards, and the investment adviser or fund conducts due diligence and maintains proper agreements and disclosures.
Topics:business#crypto-assets#custody-services#finance#investment-advisers#regulatory-compliance#state-trust-companies
- Simpson Thacher & Bartlett LLP SEC.gov
- SEC opens the door for investment advisers to use state trusts as crypto custodians theblock.co
- U.S. SEC Takes Preliminary Step to Expand Universe of Crypto Custody to State Trusts CoinDesk
- SEC No-Action Letter Creates Opening for More Firms to Serve as Crypto Custodians Yahoo Finance
- Ripple and Coinbase to qualify as crypto custodians under new SEC staff guidance CryptoSlate
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