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U.S. SEC Takes Preliminary Step to Expand Universe of Crypto Custody to State Trusts

The U.S. Securities and Exchange Commission (SEC) has taken a significant step towards widening the landscape for crypto custody by indicating that state-chartered trusts are now acceptable for handling digital assets. This development, highlighted in a no-action letter from the SEC's Division of Investment Management, signals that registered investment advisers and funds may maintain crypto holdings with state trust companies without fear of enforcement actions. The decision came amid ongoing debates within the agency regarding crypto custody standards. Some commissioners voiced concerns that this could lead to unequal regulatory treatment compared to traditional financial institutions, arguing it may result in a fragmented regulatory approach across states. Despite the opposition, the SEC's current management, led by Chairman Paul Atkins, aims for a more crypto-friendly regulatory environment, moving forward from previous stances that sought to restrict crypto custody options. This shift may allow platforms, including those affiliated with well-known crypto entities, to securely hold customer assets through state trusts, which is seen as a positive move toward enhancing the crypto custody framework.

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SEC No-Action Letter Creates Opening for More Firms to Serve as Crypto Custodians

The U.S. Securities and Exchange Commission (SEC) has announced it will not take enforcement action against investment advisors and other entities using state-chartered trusts to hold digital assets. This new guidance could allow more firms, including those affiliated with major crypto companies, to act as custodians for cryptocurrencies. The

Ripple CTO David Schwartz to Step Back, Remain on Board as CTO Emeritus

David Schwartz, the Chief Technology Officer of Ripple, announced he will step back from his daily responsibilities at the end of the year after over 13 years at the company, transitioning to a CTO emeritus role. Despite stepping back, Schwartz will remain involved in the XRP community, focusing on developing

White House Withdraws Pro-Crypto Brian Quintenz's Name From CFTC Chair Nomination

The White House has officially withdrawn Brian Quintenz's nomination to chair the Commodity Futures Trading Commission (CFTC) following a month-long dispute regarding his suitability for the role. Former CFTC commissioner Quintenz, a proponent of the cryptocurrency industry, faced opposition from significant figures like Tyler and Cameron Winklevoss. Despite

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