SEC Tackles Crypto Custody Rules Amid Blockchain Alliance and Illinois Tax Dispute
The US Securities and Exchange Commission (SEC) is considering amending existing rules for investment advisers holding digital assets on behalf of clients. The proposed changes aim to improve and modernize regulations concerning crypto asset custody, clarifying the framework for investment advisers and investment companies.
Meanwhile, a coalition of state bankers' associations has formed the Bankchain Alliance to create an industry-owned blockchain network. This initiative will provide secure and modern banking services while maintaining compliance with regulatory standards.
In a separate development, the Blockchain Association and the Crypto Council for Innovation have filed a lawsuit against Illinois's Digital Asset Tax Act, arguing that it is unconstitutional and discriminates against digital assets.