Coinbase challenges SEC proposed rule on crypto custody for RIAs as Paul Grewal calls for revisions to safeguard all asset classes.
Coinbase legal chief has requested that the U.S. Securities and Exchange Commission make several revisions to its proposed regulation on the responsibilities of registered investment advisers to store client assets with qualified custodians.
Although the U.S. SEC acknowledges Coinbase Custody as a"qualified custodian," Coinbase contends that the updated RIA custody rule unfairly targets crypto and makes improper assumptions about custodial practices based on securities. According to theCoinbase chief legal officer Paul Grewal sent on May 9, the proposed SEC rulemaking fails to safeguard other asset classes, such as cryptocurrencies.
Coinbase is the owner and operator of Coinbase Custody Trust Company, which is recognized as a qualified custodian for RIA clients. This custodian is responsible for protecting client assets from potential threats such as bankruptcy and cyber-attacks. This letter advocates for an expansion of the custody obligations proposal to ensure that it remains adaptable to future investments and protects them appropriately.
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