{"id":610930,"date":"2023-02-23T02:52:14","date_gmt":"2023-02-23T08:52:14","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/23\/xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda\/"},"modified":"2023-02-23T02:52:14","modified_gmt":"2023-02-23T08:52:14","slug":"xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/23\/xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda\/","title":{"rendered":"XRP Lawyer Exposes SEC\u2019s Crypto Custodian Shake Up \u2013 Reveals Shocking Hidden Agenda!"},"content":{"rendered":"<div role=\"main\" id=\"main-content-row\">\n<article id=\"the-post\" data-post-url=\"https:\/\/coinpedia.org\/ripple\/xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda\/\" data-post-title=\"XRP Lawyer Exposes SEC\u2019s Crypto Custodian Shake Up \u2013 Reveals Shocking Hidden Agenda!\" data-post-edit=\"https:\/\/coinpedia.org\/wp-admin\/post.php?post=182955&#038;action=edit\" data-share-title=\"XRP%20Lawyer%20Exposes%20SEC%E2%80%99s%20Crypto%20Custodian%20Shake%20Up%20%E2%80%93%20Reveals%20Shocking%20Hidden%20Agenda%21\" data-share-link=\"https:\/\/coinpedia.org\/ripple\/xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda\/\" data-share-image=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21.webp\">\n<div>\n<figure><img loading=\"lazy\" width=\"1200\" height=\"600\" src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21.webp\" alt=\"ripplevssec\" decoding=\"async\" data-main-img=\"1\"   data-old-src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%201200%20600'%3E%3C\/svg%3E\" data-lazy-srcset=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21.webp 1200w, https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21-300x150.webp 300w, https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21-1024x512.webp 1024w, https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21-768x384.webp 768w, https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21-150x75.webp 150w\" data-lazy-src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/01185340\/Article-Post-Images-21.webp\"><\/figure>\n<\/div>\n<div>\n<p>On February 15, the United States Securities and Exchange Commission announced proposed rule changes to enhance protections of customer assets managed by registered investment advisers. According to the proposed rules, investment advisers are expected not to inappropriately use, lose, or abuse investors\u2019 assets.\u00a0<\/p>\n<p>The SEC responded to the FTX and Alameda collapse that lost over $8 billion of investors\u2019 capital. According to the SEC, the rule change is to ensure client assets are appropriately segregated and held in accounts to protect the assets in the event of a qualified custodian bankruptcy.<\/p>\n<p>As a result, the SEC wants to have surprise audits on investment advisors by independent public accountants to verify client assets.\u00a0<\/p>\n<h2 id=\"h-effect-of-sec-proposed-crypto-custody-rules\">Effect of SEC Proposed Crypto Custody Rules<\/h2>\n<p>With the new proposed rules, market analysts have indicated that the SEC intends to help big players get a significant industry share. Moreover, the Biden administration signed a crypto executive order last year to ensure United States fintech companies have a competitive edge in the global markets.<\/p>\n<p>Already licensed custodians in the United States, including Coinbase and Gemini, are expected to benefit from the rule change. Traditional banks are expected to catch up as they contend to get crypto custodian licenses.<\/p>\n<figure><\/figure>\n<p>The proposed SEC custodian rule change will severely affect crypto exchanges without a banking license. This is evident with the hit on Kraken for issuing unregistered securities through its staking program.<\/p>\n<figure>\n<div>\n<blockquote data-width=\"550\" data-dnt=\"true\">\n<div lang=\"en\" dir=\"ltr\">\n<p>The SEC is proposing a modification to the Custody Rule that impacts crypto. <\/p>\n<p>Here are the winners and losers:<\/p>\n<p>1. Big Winner: Anchorage \u2013 the only national bank that can custody crypto. Anchorage has a monopoly. <\/p>\n<p>2. Cowen: Bank backed Prime Brokerage. The first bank to do\u2026 <a href=\"https:\/\/t.co\/e1nxn5it4b\">https:\/\/t.co\/e1nxn5it4b<\/a><\/p>\n<\/div>\n<p>\u2014 Ram Ahluwalia, crypto CFA (@ramahluwalia) <a href=\"https:\/\/twitter.com\/ramahluwalia\/status\/1625986758604201984?ref_src=twsrc%5Etfw\">February 15, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n<p>The change is, however, not welcomed by all who think it is terrible for small players in the market.<\/p>\n<blockquote>\n<p>\u201cIf the SEC changed the rules so only qualified custodians can hold crypto for others, then it sets up a new gatekeeping system where the only custody solution is regulated banks,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-21\/wall-street-could-benefit-from-the-sec-s-crypto-custody-regulation?utm_source=twitter&#038;utm_medium=social&#038;utm_campaign=socialflow-organic&#038;utm_content=crypto\">said<\/a> Maya Zehavi, a cryptocurrency angel investor.<\/p>\n<\/blockquote>\n<\/div>\n<div>\n<h4>Was this writing helpful?<\/h4>\n<h5> <span data-toggle=\"modal\" data-target=\"#myModal\">No<\/span> <span onclick=\"likeFunction()\">Yes<\/span><\/h5>\n<\/div>\n<div>\n<p><a href=\"https:\/\/coinpedia.org\/author\/sohrab\/\"> <img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" alt=\"Photo of Sohrab Khawas\" src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2022\/12\/27152847\/sohrab-khawas-1.jpeg\" height=\"180\" width=\"180\"> <\/a><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/coinpedia.org\/ripple\/xrp-lawyer-exposes-secs-crypto-custodian-shake-up-reveals-shocking-hidden-agenda\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Sohrab Khawas<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 15, the United States Securities and Exchange Commission announced proposed rule changes to enhance protections of customer assets managed by registered investment advisers. According to the proposed rules, investment advisers are expected not to inappropriately use, lose, or abuse investors\u2019 assets.\u00a0The SEC responded to the FTX and Alameda collapse that lost over $8<\/p>\n","protected":false},"author":1,"featured_media":610931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,1062],"tags":[],"class_list":{"0":"post-610930","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exposes","8":"category-lawyer"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=610930"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/610931"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=610930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=610930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=610930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}