SEC Chairman Gary Gensler has proposed a slew of new crypto rules aimed at protecting customer funds. Yahoo Finance Sr. Reporter David Hollerith reports on February 15, 2023.
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I am assuming Gary Gensler speaking of having exchanges or advisors to become qualified custodians for customer funds or securities by registering there firms with the Securities Exchange Commission. Otherwise, you are probably not a Qualified Custodian that can engage in any transactions involving cryptocurrencies. Then once they become an Qualified Custodian, they will probably need to provide an Engagement Letter for clients from Advisors of a Qualified Custodian in the crypto space to act as a Fiduciary for clients.
17 CFR § 275.206(4)-2 – Custody of funds or securities of clients by investment advisers.
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