An SEC proposal could bar investment advisers from keeping digital assets at crypto firms

Published Feb 16, 2023
By Qredo Team

Qredo’s daily briefing gives you the visibility you need of the ever changing world of crypto to help you make the best decisions and reach your financial goals.

The U.S. Securities and Exchange Commission (SEC) laid out a proposal that could require registered investment advisors (RIA) to custody their own digital assets. The rule would expand the agency’s existing regulations that require investment advisers to store their clients’ money and securities with a qualified custodian. If approved, the updated version would expand that requirement to include crypto assets.

Meanwhile, Abu Dhabi has injected $2B into an initiative that’ll back Web3 startups. The Hub71+ technology ecosystem will also give startups access to a wide range of programs and potential corporate, government and investment partners along with support for companies looking to make their mark on Abu Dhabi’s tech landscape.

The bears took a big defeat over the last 24 hours, as short trades made up 90% of over $200 million in losses. Bitcoin gained over 11% the last day soaring past the $24,000 mark, as BTC futures alone made up $85 million in losses. Those who bet on a market-wide decline did not expect the rally that liquidated $185 million in shorts, contributing to the $200 million total loss.

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