Crypto Custody Concerns Spark Tensions in US House Hearing
Crypto Custody Controversies
During a congressional hearing, tensions flared when U.S. lawmakers and influential figures in the crypto industry openly denounced the SEC's approach to regulating crypto custody. Some firms received the SEC's go-ahead for custody, while critics within the industry insisted that achieving such custody remains a daunting task. The hearing showcased a division of opinion over regulatory measures, emphasizing the pressing need for clarity amidst growing concerns.
Key Highlights from the Hearing
- Lawmakers' Critique: Several lawmakers articulated their frustration with the SEC’s perceived inaction.
- Industry Challenges: Industry leaders highlighted the practical difficulties in crypto custody.
- Future Regulatory Framework: The debate underscores an urgent need for a coherent regulatory framework.
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