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The Defiant 2025-03-19 10:41:53

Acting SEC Chairman Mark Uyeda Proposes Withdrawal of Crypto Custody Rule

In the latest sign of the U.S. Securities and Exchange Commission’s (SEC) pro-crypto stance, the agency’s acting chairman revealed that he has ordered staff to revisit the 2023 crypto custody rule. The rule requires registered investment advisers to custody any crypto purchased for clients with a “qualified custodian.” The SEC noted at the time that many crypto trading platforms offering custody services did not meet that standard. The rule was heavily criticized when proposed under former SEC Chairman Gary Gensler. At the time, venture capital firm a16z’s General Counsel Miles Jennings called the rule a “misguided and transparent attempt to wage war on crypto.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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