{"id":551605,"date":"2023-02-14T09:40:20","date_gmt":"2023-02-14T06:40:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-to-target-crypto-firms-operating-as-qualified-custodians-report\/"},"modified":"2023-02-14T09:40:20","modified_gmt":"2023-02-14T06:40:20","slug":"sec-to-target-crypto-firms-operating-as-qualified-custodians-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-to-target-crypto-firms-operating-as-qualified-custodians-report\/","title":{"rendered":"# SEC to target crypto firms operating as &#8216;qualified custodians&#8217; \u2014 Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c596a0e900\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c596a0e900\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-to-target-crypto-firms-operating-as-qualified-custodians-report\/#%E2%80%9D_SEC_to_target_crypto_firms_operating_as_%E2%80%98qualified_custodians_%E2%80%94_Report_%E2%80%9C\" >&#8221; SEC to target crypto firms operating as &#8216;qualified custodians&#8217; \u2014 Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_to_target_crypto_firms_operating_as_%E2%80%98qualified_custodians_%E2%80%94_Report_%E2%80%9C\"><\/span>&#8221; SEC to target crypto firms operating as &#8216;qualified custodians&#8217; \u2014 Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZWJiNGMwM2ItYWE0My00MTc3LTkwODMtNDNjZGYxNjFhYjUxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The United States Securities and Exchange Commission (SEC) is reportedly planning to propose new rule changes this week that could impact what services crypto firms can offer their clients.\u00a0<\/p>\n<p>According to a Feb. 14 report from Bloomberg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-14\/crypto-s-work-with-hedge-funds-faces-sharp-scrutiny-under-regulator-s-proposal#xj4y7vzkg?leadSource=uverify%20wall?leadSource=uverify%20wall?leadSource=uverify%20wall\">citing<\/a> \u201cpeople familiar with the matter,\u201d the securities regulator is working on a draft proposal that would make it difficult for crypto firms to hold digital assets on their client\u2019s behalf as \u201cqualified custodians.\u201d <\/p>\n<p>This may, in turn, affect the many hedge funds, private equity firms and pension funds that work alongside such crypto firms. <\/p>\n<p>According to those cited, a five-member SEC panel will vote on Feb. 15 whether the proposal proceeds to the next stage. <\/p>\n<p>A majority vote \u2014 3 votes out of 5 \u2014 will be needed in order for the rest of the SEC to officially vote on the proposal. If that is <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved, the proposal would be amended with feedback where necessary.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Yesterday, our Division of Examinations announced its 2023 examination priorities. <\/p>\n<p>Read more <\/p>\n<p>\u2014 Gary Gensler (@GaryGensler) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GaryGensler\/status\/1623418267787227139?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>While the SEC has deliberated on what should be required to be a qualified custodian of cryptocurrencies since as early as March 2019, the people familiar with the matter said it isn\u2019t clear what specific changes the U.S. financial watchdog is seeking.<\/p>\n<p>If finalized, Bloomberg explained that some crypto firms might have to move their customer\u2019s digital asset holdings elsewhere.<\/p>\n<p>The report added that these financial institutions might be subject to \u201csurprise audits\u201d related to their custodial relationships or other ramifications. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC chair issues warning to crypto firms after action on Kraken staking<\/em><\/strong><\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of Wednesday\u2019s vote proposal comes on Jan. 26 report from Reuters suggested that the SEC would soon come after Wall Street investment advisers over how they\u2019ve offered crypto custody to their clients. <\/p>\n<p>In recent days, the SEC has had its hands full with Paxos Trust \u2014 the stablecoin issuer of Binance USD (BUSD) \u2014 which they believe to have issued as an unregistered security.<\/p>\n<p>Paxos said they will be prepared to \u201cvigorously litigate\u201d if necessary.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-to-target-crypto-firms-operating-as-qualified-custodians-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC to target crypto firms operating as &#8216;qualified custodians&#8217; \u2014 Report &#8220; The United States Securities and Exchange Commission (SEC) is reportedly planning to propose new rule changes this week that could impact what services crypto firms can offer their clients.\u00a0 According to a Feb. 14 report from Bloomberg citing \u201cpeople familiar with the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/ebb4c03b-aa43-4177-9083-43cdf161ab51.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,132789,74898,75269,74355,117,73428,70934,70360],"class_list":["post-551605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-hedge-fund","tag-sec","tag-us-government","tag-adoption","tag-business","tag-pensions","tag-regulation","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551605"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551606"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}