How the SEC’s Proposed Custody Rule for Crypto Comes Up Short for FAs

In 2003, the SEC amended the rule to keep up with technological advances in capital markets infrastructure, which have made virtually every aspect of the advisory industry more efficient. The modernized rule, which better defined custody and essentially removed any assumption of paper assets, has been serving advisors and clients well, allowing trusted, qualified custodians to provide custody and many other services to the industry.