XRP Lawyer: The Secret Agenda Behind SEC’s Crypto Custodian Shake-Up
XRP News: Among much speculation about the outcome in the XRP Vs SEC case, Attorney John Deaton made an observation about U.S. Securities and Exchange Commission (SEC’s) recent proposal to modify rules regarding custody of assets. After finalization of the rule, crypto custodians would be affected and would need to conduct independent audits of user assets. These sweeping changes could be beneficial to mainstream financial companies as they have the advantage of a good regulatory record, which is a far better than the disreputed crypto companies that have been acquiring in the past 12 months.
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It is well-known that Wall Street banks have long aimed to gain a foothold on the crypto market. It was a lack regulatory clarity that kept the big corporations off the sidelines of cryptocurrency. The upcoming rule changes in crypto custody options could open up a path for them into the world web 3.0.
Bloomberg reports that some large Wall Street banks are already preparing to launch digital asset custody offerings following the SEC’s rule changes in the crypto ecosystem. Traditional companies are also becoming more interested in custody services offered to them by companies that have stakes in custody providers. According to the XRP Lawyer, the rule change proposed is more favorable for the mainstream companies than it is for crypto players.
Also read: Binance Official Sounds the Alarm: Stricter U.S. Regulations can trigger a crypto washout
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