The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of crypto industry figures in expressing their objections.
Financial Services Committee Chair Patrick McHenry and his colleagues wrote that the SEC was exceeding its authority in its proposed rule, known as the registered investment adviser (RIA) rule — which toughens requirements for qualified custodians of client assets.