Why the Newly Proposed Custody Role Could Represent a De Facto Ban on Crypto

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 18 February 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this edition of the “Weekly Recap,” NLW looks at the newly proposed custody rule from the Securities and Exchange Commission. While the rule has broader implications other than crypto, many in the crypto industry are concerned that Chairman Gary Gensler may use the rule as a roundabout way to expand the SEC’s jurisdiction and therefore cut investment advisers off from the crypto industry. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW c - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: A Mokhtari /Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.4	The Breakdown is produced and distributed by CoinDes.
0:20.5	What's going on, guys? It is Saturday, February 18th, and that means it's time for the weekly recap.
0:26.5	Before we dive in, a quick note, there are two ways to listen to the breakdown.
0:30.3	You can hear us on the Coin Desk podcast network feed, which comes out every afternoon
0:33.7	alongside other great Coin desk shows, or you you can listen on the breakdown-only feed,
0:38.7	which comes out a few hours later in the evening.
0:41.1	Wherever you're listening, I would so appreciate it if you would take the time to leave
0:44.1	a rating or a review.
0:45.4	It makes a huge difference.
0:47.4	All right, friends, welcome back.
0:48.7	I hope you are having a great weekend so far.
0:51.8	This was one of those weeks that was so full of news that I have to use the
0:55.7	weekly recap slot to catch up on one of the most consequential bits of news that I just didn't
1:00.5	have a chance to cover yet. And this one once again involves the SEC, so that's where we're going
1:05.2	to focus today. On Wednesday, the SEC proposed a rule which would effectively require
1:10.2	registered investment
1:11.4	advisors to go outside the crypto industry for their custody solution.
1:15.6	The rule, if approved, would limit crypto custody to being provided by a qualified custodian.
1:21.6	Current rules only apply to cash and securities, but would be extended to cover all assets.
1:26.8	So hedge funds, pension funds, and some venture
	...

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