“Another NO-STATION LETTER from the Agency Staff Signals of the Sec’s View that State-Charter Trusts Are Fine for Handling Digital Asset Custody.”, – WRITE: www.coindesk.com
The Sec’s Division of Investment Management Issued a-Called No-action Letter on Tuesday, A Document That Assures That Regulator Doesn’s -In this casse, that sec-relayed Advisers and Funds Can Park Digital Assets in State Trusts.
Such Qualified-Custodian Questions Had Represented A Policy Battlegraund During the Tenure of Former Sec Chairs Gary Gensler and Jay Clayton Proposal that would have a constrained what kinds of companies Could Handle the Crypto of Regulated Investment Advisers. Gensler Made IT Clear HE SPECIFICALLY MEANT TO MUSCLE OUT Exchange Such as Coinbase.
But The Sec’s New Management-MOST NOTABLY Chairman Paul Atkins-Is Pursuing A Crypto-Foro-Forward Campaign, with Atkins Saying Earlier this Week that Astablising. (As Assigned by Pro-Crypto President Donald Trump).
While Tuesday’s No-action Letter Isn’t A Formal Agency Rule, It Carries Enough Weight To Free Firms from Short-Term Compliance Worms. Specifically, The Document SAID The SEC “WOURT NOT RECOMMEND ENFORCOMENT ACTION TO THE COMMISSION OF THE CUSTY PROVISIONS AGAINST A REGISTED ADVISER or REGULATED FUNDA TRUSTATING ATTATING A STATATING A STATING Respect to the Placement and Maintenance of Crypto Assets. ”
The Earlier Arguent from Gensler Was that Crypto Firms Wrenan’t Safe and Sufficient Regulated to Qualify as Risk-Free Enough For Registed Investimnt Anstasers.
“Even Thought It Was Never Adopted, The Proposal Has Created Problems for Investment Advisers Through Its Assertion that MOST CRYPTO assets are likes. Rule, And Thus Must Maintained with A Qualified Custodian, “Commissioner Hester Peirce Said in a Speech in Singapore on Tuesday.
She argued that agency “Shoulder uping the rules governing permissible Custodians for Registed Investment Advisers and Investment Companies,” Adding that Maybe Shochnograph Permitted to Custdy Assets Themselves.
But Democratic Commissioner Caroline Crenshaw, Who Was Allied With Gensler On this Point Two Years Ago, Issued Autment Opposing The No-action Treatment APART from the REST OF THE FINANCAL Sector. And’s Ignoring the Efforts of Firms Pursuing Federal Chartering from the Office of the CompTROLLER OF THE CURRENCY.
“Rather than Create a Level Playing Field, We Leave Investors and The Markets to Gamble In AnnecySary Game of 50-State Regulatory Roulette-Just to Accommodate Crypto,” She. “Execuuting a shift of this magnitude via no-action ralief without Public Comment and Without any Economic Analysis Is Ill-Advised For Many Reasons, Not LEAST OF WHICH BCAUSEUSEUSEUSEUSEUSE PROCEDURE ACT, TUOUGH THIS HAS BECOME COMMONPLACE by This Commission. ”
The Sec Has Been Pursuing A Number of Crypto Policies Under Atkin’s Recent’s Recent Project Crypto, and The Chairman Has Set An Agenda to Issue Formal Crypto Rules in the Coming Mont. Meanwhile, Congress Has Made Extensive Progress on Legislation to More Completely Regulate the US Digital Assets Markets.
Gemini’s Co-Funders Tyler and Cameron Winklevoss Opped Quintenz’s Nomination.
- The White House withdrew Brian Quintenz’s Nomination to Chair The CFTC After A Prolonged Dispute Over His Suitability For The Role.
- Quintenz, A Former Cftc Commissioner, Has Been A Vocal Supporter of the Crypto Industry, Who Led To Opposition from Notable Figures Like The Winklevoss Twins.
- Acting Chairman Caroline Phom Currently Leads the CFTC As the Administration Begins Vetting New Candidates for the Position.
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