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SEC to Make It Harder for Hedge Funds to Work With Crypto Firms: Bloomberg
The rule change would make it harder for crypto firms to become "qualified custodians," according to the report.
The U.S. Securities and Exchange Commission (SEC) is planning to propose rule changes that would make it harder for hedge funds, private equity firms and pension funds to work with crypto firms, Bloomberg reported on Tuesday.
The SEC would make it harder for crypto firms to be “qualified custodians" or companies that hold client assets for money managers, Bloomberg reported, citing people familiar with the matter.
STORY CONTINUES BELOW
The U.S. regulator has been increasing its scrutiny of crypto and recently went after stablecoin issuer Paxos and its BUSD stablecoin. The crypto industry has been reeling from the collapse of crypto exchange FTX, which has drawn the ire of global regulators.
The SEC was not immediately available for comment when contacted by CoinDesk.
Read more: Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security, Says It Will Litigate if Needed
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
