The SECGov is getting chided by strange bedfellows, including a fellow agency, jpmorgan, the NYDFS and crypto folks – all hating on a proposal that investment advisers keep assets (crypto, too) with “qualified custodians.” jesseahamilton reports
demanding investment firms safeguard all of their clients’ assets – including crypto – with approved custodians, according to an array of critics not often in alignment.
As the two-month public comment period expired this week the SBA argued the SEC “drastically underestimates potential impacts” from its proposal, according towho said the cost of the “sweeping changes” could threaten smaller investment advisers and force them to merge with others or get out of the business.
SEC Chair Gary Gensler, who said the rule “would help ensure that advisers don’t inappropriately use, lose, or abuse investors’ assets,” was quick to point out the crypto platforms that now maintain custody of investors’ assets don’t fit in. The U.S. securities industry’s chief lobbying group, the Securities Industry and Financial Markets Association, called it “jurisdictional overreach, resulting in indirect and inappropriate regulation” and argued a number of asset classes – such as repurchase agreements, securities loans, derivatives and annuities – may be fundamentally unable to meet some of the requirements the SEC has in mind.
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