Gary Gensler warns crypto firms may not be “qualified custodians” just because they say they are.
United States Securities and Exchange Commission Chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on the proposed rule.
“Just because a crypto trading platform claims to be a qualified custodian doesn’t mean that it is. When these platforms fail […] investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court.”
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