Based upon how crypto trading and lending platforms generally operate, investment advisers cannot rely on them today as qualified custodians. To be clear: just because a crypto trading platform claims to be a qualified custodian doesn’t mean that it is.

Speaking before the Investor Advisory Committee, SEC Chair Gary Gensler said current custody rules do not adequately safeguard users’ crypto assets.

In the wake of heavy criticism against the U.S. Securities and Exchange Commission (SEC) crackdown on crypto companies, a body of lawmakers are reportedly challenging people like Gary Gensler. The crypto community opposed the recent enforcement actions by the SEC as well as the New York State Department of Financial Services (NYFDS). The enforcement actions included restrictions on Kraken’s crypto staking program and Paxos’ issuance of Binance USD (BUSD) stablecoin.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.” Gensler believes that the securities watchdog has all of the legal tools needed to oversee the crypto sector, the publication conveyed, adding that the SEC boss explained that pretty much every sort of crypto transaction already falls under the SEC’s jurisdiction except spot transactions in bitcoin itself and the actual purchase or sale of goods or services with cryptocurrencies. (Bitcoin.com)

Over the last weekend, there was a strong talk in the crypto circle that SEC Chair Gary Gensler might declare all other cryptocurrencies, except Bitcoin, a security. The U.S. Securities and Exchange Commission (SEC) has been going hammer and tongs after digital assets, especially after the collapse of the crypto exchange FTX. The desire of the SEC to regulate the crypto market has been amplified by manifold times recently. In a story last week, the New York Magazine author Ankush Khardori explains his recent encounter with SEC Chair Gary Gensler. (coingape)

U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler has been alleged of being biasedly serving several crypto firms and personalities over time. However, the commission has also been held responsible for the recent horrible market crash. These actions have led to increased volatility in the digital asset industry.

Gensler said more than 90% of retail investors’ marketable orders are routed to a small group of off-exchange wholesalers.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has proposed amending federal custody rules to cover “all crypto assets.” The SEC chief said: “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.”

The Securities and Exchange Commission will vote on a rule that would raise requirements for how registered investment advisers custody assets — including crypto.

Speaking with CNBC’s Squawk Box on Friday, SEC Chair Gary Gensler blamed Kraken for failing to register its staking-as-a-service product with the Commission, and for not providing the relevant risk disclosures. He also dismissed the common criticism that there is a lack of clear rules that govern crypto, or that there is no clear path to register such products.