a16z calls on the U.S. SEC to update the crypto custody rules for registered investment advisors

ChainCatcher news, according to Decrypt, a16z is urging the U.S. Securities and Exchange Commission (SEC) to update the crypto custody rules for registered investment advisers. In a formal letter submitted to the SEC's crypto working group, a16z stated that registered investment advisers should be able to directly hold cryptocurrency assets under specific conditions and within clearly defined safeguards. "The Commission should provide new guidance to facilitate custody arrangements for crypto assets, even if it is just a temporary measure before the Commission issues new rules."