PANews reported on April 26 that according to Mondo Visione, U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda stated at a crypto asset custody roundtable that federal regulators currently allow national banks to custody crypto assets as trustees. In view of the historical practice of allowing state-chartered banks to compete with federally chartered banks, it is recommended that the SEC should consider listing state-chartered trust companies as qualified crypto custodians.

The Commission could also consider taking further steps to enhance competition by amending or terminating the Commission’s “special purpose broker-dealer” regime, providing interim guidance explaining how firms that custody non-security crypto assets, crypto asset securities, and traditional securities may comply with the capital and customer protection rules, and ultimately codifying such guidance in amendments to those rules.