The post SEC Considers Expanding Crypto Custodian Eligibility to State-Chartered Firms – Coincu appeared on BitcoinEthereumNews.com.

Key Points: SEC proposes inclusion of state-chartered trust companies as qualified custodians. This move aims to enhance competition in the custodial market. Interim guidance for non-security crypto and traditional securities is expected. Mark T. Uyeda, SEC Commissioner, suggested on April 25 that the SEC should expand qualified crypto custodians to include state-chartered trust companies. The proposal could increase custodial options for institutions, impacting competition and regulatory clarity. SEC’s Move to Include State-Chartered Firms as Custodians SEC Commissioner Mark T. Uyeda led discussions at a recent roundtable, proposing that state-chartered trust companies be allowed to serve as qualified custodians for crypto assets. His remarks underscore a push to enhance competition in the custodial market, reflecting ongoing regulatory considerations. Additionally, suggestions were made to amend the special purpose broker-dealer regime to align with contemporary practices. Proposed changes could broaden custodial choices for U.S. institutions dramatically. By listing state-chartered companies, the SEC aims to foster a more competitive environment, potentially driving innovation and efficiency in crypto custodial services. The Commission also plans to provide interim guidance for entities holding non-security crypto and traditional securities, bringing clarity to current regulations. “Federal regulators currently allow national banks to custody crypto assets as trustees. In view of historical practice… the SEC should consider listing state-chartered trust companies as qualified crypto custodians.” — Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission (SEC) Industry Reactions and Potential Impacts on Crypto Investment Did you know? The consideration to include state-chartered trust companies aligns with historical financial trends where both state and federally chartered entities have competed, reminiscent of the U.S. dual banking system’s competitive ethos. Bitcoin (BTC) trades at $94,932.25, with a market cap of $1.88 trillion, dominating 63.47% of the market, per CoinMarketCap. Its trading volume hit $40.44 billion, marking a 27.27% change. BTC’s short-term price saw…

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Filed under: News - @ April 26, 2025 1:27 am