Letters from two influential crypto industry players have detailed the legality, impact and unworkability of a proposal by the SEC to expand its custody rule.
, saying the firm “did not mince words” and called the SEC proposal a “misguided and transparent attempt to wage war on crypto.”
In its letter, the Blockchain Association provided over a dozen separate arguments to rebuff the SEC. Among other claims, it said the rule exceeds the SEC’s authority, would inhibit advisers from transacting with crypto exchanges and would leave investors’ assets at more risk. A16z detailed similar arguments in its letter but focused more on its effects on registered investment advisers, namely that advisors would be prevented from using crypto and the rules could violate the duty of care the SEC requires of such firms.The proposal is another misguided and transparent attempt to wage war on crypto, and if passed it will result in investor harm, market inefficiencies and poor capital formation.
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