Blog Digital Currency Perspectives December 24, 2020

SEC to Permit Custody of Digital Asset Securities by “Special Purpose” Brokers

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Christmas came early for many in the digital asset community by way of a statement from the U.S. Securities and Exchange Commission (SEC) on December 23, 2020 that grants relief in the area of broker “custody” of digital asset securities. The framework laid out by the SEC will operate somewhat like a hybrid no-action letter/safe harbor/pilot program, pursuant to which “special purpose” brokers may follow certain, specific steps and custody digital asset securities during a five-year program period without the risk of facing an enforcement action.

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