a16z And Blockchain Association Criticizes SEC Tightening Crypto Custody
A proposal by the US SEC to tighten crypto custody rules has been met with opposition from two major industry organizations, a16z, and the Blockchain Association. On May 8, the Blockchain Association, an advocacy body for the crypto industry, sent a letter to the U.S. Securities and Exchange Commission (SEC) criticizing the proposed changes to the U.S. Securities and Exchange Commission (SEC) with its governing rules. Venture fund Web3 Andreessen Horowitz (a16z) sent a similar letter three days ago.
Blockchain Association policy attorney Marisa Tashman Coppel tweeted on May 8 that the SEC’s proposed rule would “dramatically reduce investment in digital assets,” claiming that in its current form, the regulation This rule is “illegal.” In the letter, the Blockchain Association offered more than a dozen separate arguments to refute the SEC. In other statements, it said the rule was beyond the control of the SEC and would prohibit advisors from dealing with crypto exchanges and expose investors’ assets to greater risk. The same day, a16z General Counsel Miles Jennings tweeted her letter to the SEC, saying the company “didn’t speak vaguely” and calling the SEC’s proposal a “misguided and transparent attempt to wage war on crypto.”
Source
https://t.me/Crypto_Futures_Trading
