Statement on Proposal to Address the Custody of Crypto Assets Under the Investment Advisers Act and the Investment Company Act
Source: Sec ·
Chairman Paul S. Atkins
From the source
Today, the Commission proposed to close a gap that has left investment advisers and funds guessing how to effect lawful custody of an asset class that their clients increasingly demand. This is another significant step toward bringing our regulatory frameworks into the modern era and fulfilling our commitment to cement the United States as the crypto capital of the world. Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace. To that end, today’s proposal would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before—and replacing the grey of uncertainty created by custody rules crafted for a bygone era. Many areas of the custody rules under the Investment Advisers Act of 1940 and Investment Company Act of…