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BIG NEWS FROM SEC🚨-clarity in US #crypto regulation did come w/ #Wyoming's Oct 23 #NoActionLetter regarding #qualifiedcustodian (SEC just confirmed)

tl;dr=SEC Custody Rule favors banks as QCs, bc state trust cos may not give as much protection as banks…
2/ Lack of clarity has kept the HUGE #RIA & asset mgr market out of #crypto but this should help. Sum:

* banks are #qualifiedcustodian by def'n, but
* state-chartered trust cos may not be

RIA must defend that a state trust co provides as much protection as a bank, broker, FCM.
3/ Consider how SEC frames the ?s:
* do state trust cos have "characteristics similar to" institutions "SEC has identified as QCs" (ie, state trust cos aren't in group SEC identifies as QCs)
* wld state trust co as QC add gaps/enhancements? (again the ? presumes they're not QCs)
Read 6 tweets
1/ HEY CRYPTO LAWYERS: buckle in bc a big piece of US #crypto regulatory puzzle fell in place yesterday. Culminates >2yr process, coordinating w/ SEC & other regulators, to clarify "#qualifiedcustodian." #NoActionLetter by #Wyoming Banking Division🤠here:…
2/ Here's an article from @ForbesCrypto's @AndreaTinianow & a post from McDermott Will & Emery, the attorneys who obtained the letter for @TwoOceanTrust of #Wyoming.

3/ Follow along! Under SEC Custody Rule & SEC Customer Protection Rule, #RIAs (Registered Investment Advisers) & investment managers must hire a #qualifiedcustodian to store customers' assets.

But traditional custody banks can't/won't touch #bitcoin & other #crypto right now.
Read 22 tweets

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