SEC Blasted on Custody Proposal by JPMorgan, NYDFS, Bakkt And a Fellow Company

And from the crypto sector, funding agency a16z stated, “We imagine this proposed prohibition to be unlawful, infeasible, and harmful.” The letter signed by a number of executives advised funding advisers would discover the rule virtually not possible to adjust to, as a result of it “largely failed to contemplate the logistics of how custody works for a lot of crypto belongings, the economics underpinning crypto asset markets, and even the essential statistics and different knowledge that ought to inform a thought of regulatory method.”