SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms

One of the commissioners, Mark Uyeda, raised a key point for crypto: If the agency is trying to force advisers to go to banks with their clients‘ crypto assets, and the bank regulators are cautioning banks against crypto activity, is it making crypto investing impossible through the advisers? He said the proposal in multiple ways seems to „mask a policy decision“ to block crypto activity, though he initially chose to support it.