Coinbase Legal Chief Sends Letter To US SEC On "Misguided" Rulemaking
While the US SEC recognizes Coinbase Custody as a “qualified custodian,” Coinbase believes the revised RIA custody rule singles out crypto to make inappropriate assumptions about custodian practices based on securities. The SEC proposed rulemaking fails to protect other asset classes, including crypto assets. advertisement Coinbase CLO Paul Grewal Diagrees With US SEC Rulemaking Crypto exchange Coinbase’s chief legal officer Paul Grewal sent a letter to the SEC, calling the proposed rulemaking “Safeguarding Advisory Client Assets, Proposed Rule 223-1” misguided. Coinbase seeks revision to the proposal and related staff guidance to protect all asset classes, including crypto assets, which have not been classified as securities until now. Coinbase owns and operates Coinbase Custody Trust Company, a qualified custodian for RIA clients. The custodian safeguards client assets from bankruptcy and cyber threats. Coinbase seeks the expanded ...