The SEC’s proposal that registered investment advisors be required to use an independent, regulated, qualified custodian is prudent and good for the digital asset industry. Qualified custodians, which have a fiduciary duty to clients, would hold client funds in segregated accounts. The custodian must also meet rigorous regulatory standards with audits to protect those funds.
Source: https://www.coindesk.com/consensus-magazine/2023/03/08/the-secs-custody-rule-would-be-a-net-positive-for-crypto/?utm_medium=referral&utm_source=rss&utm_campaign=headlines