SEC pro speaks out! Is the custody revolution really coming?

In the field of crypto asset custody, a revolution seems to be quietly brewing. Recently, a statement from Mark T. Uyeda, a commissioner of the U.S. Securities and Exchange Commission (SEC), has caused a stir in the crypto community.

SEC commissioner passionately voices the call for custodial reform

Uyeda was emotionally agitated at the relevant meeting, nearly shouting in anger: "The competition in the current cryptocurrency custody space is too fierce, it's time for a change, we need to loosen the reins!" 🌊 He believes that the existing custody landscape has many issues and it is time for adjustments; otherwise, it will hinder the healthy development of the cryptocurrency market.

Two major ruthless moves are coming out, targeting the custody pattern.

Tactic One: State-level players are allowed to enter the game.

Uyeda suggests allowing state-chartered trust companies to participate in the custody of crypto assets, acting as "crypto vault custodians"🔑💰. This move means that financial institutions at the state level will have the opportunity to make a mark in the crypto asset custody field. Upon hearing the news, many state governments are excited, expressing: "Finally, it's our turn!"🎉 Previously, the custody of crypto assets was mainly dominated by some financial institutions at the federal level. The inclusion of state-chartered trust companies will break the existing relatively centralized market pattern and introduce more competition and vitality.

Tough Move 2: Loosening Regulations to Stimulate Market Competition

Uyeda also proposed to relax regulations on "special purpose brokers" to make market competition more intense 🚀. This suggestion excited many exchanges, as if they saw new development opportunities, with some even shouting, "Let's fight!" 👊 Special purpose brokers play an important role in the crypto asset market, and relaxing their regulations will give them greater operational space in custody services, enabling them to offer more flexible and diverse services to clients, thereby further intensifying market competition.

Regulation should be a support, not an obstacle.

When expressing his determination for reform, Uyeda passionately stated 💬: "Regulation should not be a roadblock to the industry's development, but rather an accelerator that propels the track forward!" 🛣️⚡ He emphasized that the SEC's duty is to guide and regulate the market, not to impose excessive restrictions. Reasonable regulation should protect investors' interests while creating a favorable environment for innovation and competition.

The crypto community responded enthusiastically, and investors are full of expectations.

Once Uyeda's remarks were made public, the crypto community collectively stood up and applauded 👏. For a long time, there has been a certain degree of monopoly in the field of crypto asset custody, which is not beneficial for ordinary investors and emerging enterprises. Now, with the proposal of these reform suggestions, everyone sees hope for breaking the monopoly, and the retail investors are even more ecstatic 🥬💃, looking forward to having more diversified and higher-quality custody services to choose from in the future, reducing investment risks and increasing investment returns.

On social media, netizens have also engaged in heated discussions. Some even expressed their astonishment: "Has someone finally spoken human language at the SEC? 🤯" Although this is just a joke, it reflects the market's expectation for a shift in the SEC's regulatory approach. Whether Uyeda's proposal can ultimately be implemented will have profound implications for the crypto asset custody market. Let us wait and see.
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