On May 9, Paul Grewal, Chief Legal Officer of Coinbase, to the US Securities and Exchange Commission (SEC) to request amendments to the proposal rule Require Registered Investment Advisers (RIAs) store client assets with qualified Guardians.
Coinbase is concerned that updated Unfairly regulate RIA singles custody out Cryptocurrencies by applying securities based assumptions to them. The SEC’s proposed regulation does not adequately protect cryptocurrencies assets or any other country asset Season.
Grewal said that the regulation proposed by the US Securities and Exchange Commission on nursery rule for Investment advisors are “misleading”. Although the US Securities and Exchange Commission has designated Coinbase Custody as a “qualified guardian,”
Grewal wrote to the Securities and Exchange Commission to express his firm view That the proposed regulation titled “Protection of Advisory Client Assets Proposed Rule 223-1” is inappropriate.
Since cryptocurrencies are not classified as securities, Coinbase requests that the proposal and supporting Review employee recommendations to protect everyone asset better chapters.
Paul suggests lifting of RIA client limitations
Grewal suggests several changes to the regulation aimed at better protecting investors.
Longtime member of Congress and the SEC policy on the definition of qualified The guards were updated To include a continuous definition of State trust companies and other companies regulated by the state financial Institutions like qualified Guardians.
It is proposed to lift the restriction on RIA client trading on Crypto exchanges that are not qualified Guardians, allow for Limited exposure to non-qualified guardians.
SEC regulation should also Enabling experienced clients to create contracts and adjust standards of care based on on asset Category and type of client.
this development It comes as Coinbase demands the SEC respond to its petition in 2022. To better understand the SEC’s approach digital assets And how Guarantees rules Drainage that is applied to them, provided a petition with 50 specific questions.
Bermuda or the United Arab Emirates may serve as a central hub location for Coinbase’s overseas operations in near future. However, before doing any more decisionsThe exchange wants to hear from the US Securities and Exchange Commission how digital assets organized.
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