US SEC Specialist: Consideration of state chartered trust companies as qualified crypto custodians

PANews April 26th news, according to Mondo visione, Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda said at the roundtable of cryptoasset custody that federal regulators have allowed state banks to hold cryptoassets as trustees. Given the historical practice of allowing state charter banks to compete with federal charter banks, the SEC should consider listing state charter trust companies as qualified cryptoasset custodians.

The Commission may also consider taking further measures to enhance competition by modifying or terminating the Commission’s “Special Purpose Brokerage Dealer” system, providing temporary guidance on how companies can custody non-securities crypto assets, crypto asset securities and traditional securities to comply with capital and client protection rules, and ultimately compile these guidance into amendments to these rules.