托管指南

The SEC issues neutral cryptocurrency custody guidelines, gradually shifting from 'law enforcement actions' to 'investor education'

This Friday, the U.S. Securities and Exchange Commission (SEC) released a cryptocurrency custody guide aimed at providing investors with an objective and neutral 'starter manual' for the secure storage of cryptocurrencies.

The guide particularly reminds investors to carefully understand the key policies of third-party custody services, such as whether the custodian will 're-pledge' client assets to earn profits and whether client assets will be managed in a mixed manner instead of being stored separately. These policies are closely related to asset security and recourse rights, and are crucial for investors.

Additionally, the guide details the respective advantages and inherent risks of hot wallets (online) and cold wallets (offline). It points out that hot wallets primarily face threats from cyber attacks, while the risks of cold wallets lie in the potential for permanent loss of assets due to physical device damage, loss, or improper custody of private keys.

The reason this guide has drawn significant attention from the industry is that it sharply contrasts with the hostile and 'law enforcement regulatory' stance generally held by the SEC during the tenure of former chairman Gary Gensler towards the cryptocurrency industry.

Industry observers widely interpret this as the current SEC chairman Paul Atkins attempting to transition from being a 'punisher' to a 'rule maker' and then to an 'investor educator.' The cryptocurrency community has welcomed this, believing that the SEC has shifted from being a past oppressor to a current market educator.

It is noteworthy that the day before, the SEC approved a pilot program for U.S. custodial trusts and settlement companies to tokenize financial assets, covering stocks, ETFs, and government bonds.

In summary, this series of actions over two consecutive days indicates that the highest securities regulatory agency in the U.S. is adjusting its strategy to incorporate cryptocurrency assets and technologies into the traditional regulatory framework, signaling that U.S. cryptocurrency regulation may be entering a new phase that emphasizes clearer rules.

Overall, the neutral custody guidelines issued by the SEC not only provide valuable guidance for investors but also indicate that U.S. cryptocurrency regulation is developing towards a more clear and standardized direction.

#SEC #托管指南