The SEC is considering crypto recommendations for its custody rule
2022/03/04 01:10The Securities and Exchange Commission is considering new recommendations on crypto for investment advisers and investment companies, according to The Block. William Birdthistle, Director of the Division of Investment Management, addressed the emergence of crypto in an address to the IAA Investment Adviser Compliance Conference. The division of investment management oversees rulemaking related to investment advisers. During his remarks, Birdthistle said he is considering ways to "bring order" to the crypto industry. "For investment advisers, I am cognizant of questions about how providing advice regarding crypto assets impacts compliance with the Act, particularly aspects of the custody rule," he said. The custody rule, also known as the Advisers Act, requires advisers to hold a client's securities with a designated qualified custodian.
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