SEC Blasted on Custody Proposal by JPMorgan, Crypto Firms and a Fellow Agency

The U.S. Securities and Exchange Commission (SEC) went too far when it proposed a new rule demanding investment firms safeguard all of their clients’ assets – including crypto – with approved custodians, according to an array of critics not often in alignment. The proposal drew loud objections from organizations that aren’t always on the same side as the crypto industry – financial giant JPMorgan and the Small Business Administration (SBA) among them.