SEC's Uyeda Proposes State Trusts as Qualified Custodians for Bitcoin, Crypto for Investment Advisers

SEC Commissioner Mark Uyeda has proposed that state-chartered trust companies should be permitted to act as qualified custodians for Bitcoin and other cryptocurrencies. He suggests that allowing these institutions to custody digital assets would provide investment advisers with more options and increase competition in the market.

Uyeda's proposal is part of ongoing regulatory discussions about expanding custodial options for investment advisers and clarifying the role of state-chartered trusts in the custody of cryptocurrencies.

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