January 27, 2021

Volume XI, Number 27

Advertisement

January 27, 2021

Subscribe to Latest Legal News and Analysis

January 26, 2021

Subscribe to Latest Legal News and Analysis

January 25, 2021

Subscribe to Latest Legal News and Analysis

I’m Your Huckleberry - SEC Staff Statement on WY Division of Banking’s Letter on Custody of Digital Assets

Earlier this month the staff of the U.S. Securities and Exchange Commission (SEC) published a statement in response to a letter issued by the Wyoming Division of Banking on the custody of digital assets.  The SEC staff reminded the Wyoming regulator and the public that the SEC plays an important role determining whether an entity meets the definition of “bank” and “qualified custodian” under the Investment Advisers Act of 1940 and the Custody Rule. The statement noted the SEC has limited the types of firms that may act as qualified custodians to institutions that are subject to extensive regulation and oversight that help to protect client assets.

The statement encouraged parties to discuss with the SEC staff the application of the Custody Rule to digital assets, including the definition of a qualified custodian. The SEC staff also asked for comments on several questions with respect to the Custody Rule and digital assets.

Advertisement
© Polsinelli PC, Polsinelli LLP in CaliforniaNational Law Review, Volume X, Number 336
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Richard Levin Polsinelli Fintech Attorney
Shareholder

Richard Levin is the Chair of Polsinelli’s Chambers rated FinTech and Regulation Practice.  He brings his experience as a senior legal and compliance officer on Wall Street and in London to bear in advising clients on corporate, securities and regulatory issues. A problem-solver by nature, his practice focuses on helping financial services and technology (FinTech) clients identify and address regulatory issues as they build their businesses.

The FinTech sector is...

303.583.8261
Peter Waltz, Polsinelli Law Firm, Denver, Corporate and Finance Law Attorney
Counsel

Peter Waltz is dedicated to helping clients achieve their objectives by employing a comprehensive, interdisciplinary approach to their legal and business challenges. He advises companies in all phases of the business cycle and provides ongoing advice and counsel on day-to-day operational, business, and legal issues. This focus includes the preparation and negotiation of documents related to entity selection and formation, corporate structure, corporate governance, and commercial contract matters. Peter advises a variety of clients with their business transactions,...

303-583-8254
Shareholder

David Allred believes that excellent client service begins with strong relationships. David is a member of the Banking and Financial Institutions practice and represents both publicly traded and privately held banks at all stages of the business cycle, from formations to a mature business. As an accountant and an attorney, David brings a unique perspective to providing corporate advice to clients in ever-changing regulatory environments. He has served banks on a broad range of complex legal issues including: 

  • Mergers and acquisitions
  • ...
720.931.1193
Stephen A. Rutenberg Shareholder Polsinelli New York Bankruptcy and Financial Restructuring Bankruptcy Litigation Capital Markets ,Commercial Lending ,Debt and Claims Trading, Financial Services, Insolvency, Financial Technology FinTech and Regulation
Shareholder

Stephen Rutenberg’s practice focuses on the intersection of special situations investing and FinTech including cryptocurrency and blockchain technology. 

A significant component of Stephen’s practice relates to his work in the distressed debt market, representing clients in the purchase and sale of loans and securities of distressed and bankrupt companies. Recent representations include advising on the purchase, sale and financing of bankruptcy trade claims in several major chapter 11 cases, including Lehman Brothers, and the MF Global and Icelandic bank liquidations. He works with...

212.413.2843
Advertisement
Advertisement