SEC Commissioner Uyeda calls for the expansion of cryptocurrency custody solutions, suggesting that state-chartered trusts be allowed as qualified custodians

ChainCatcher News, SEC Commissioner Mark T. Uyeda called for an expansion of cryptocurrency custody solutions during a roundtable meeting of the cryptocurrency working group on April 25. He believes that proper custody of client assets is a key protective measure under federal securities law, and that cryptocurrencies are no exception to this principle. He suggested allowing state-chartered trust companies to act as qualified custodians and considered modifying the "special purpose broker" system to promote market competition.