The current Chairman of the Financial Information Services Committee of the United States House of Representatives and the current Chairman of the Six Working Group Committee wrote a letter to Vanessa Copiresman, Secretary of the Securities and Exchange Commission (SEC), expressing their anxiety about the agency's proposed inquiry into customer custody rules. They joined a series of digital currency industry professionals and expressed their negative opinions.

Patrick McBurt, the current chairman of the Financial Information Services Commission, and his friends wrote that the US Securities and Exchange Commission far exceeded its regulatory authority in the proposed rules, namely the application for registration of investment advisory rules, which increased the demand for qualified custodians of customer assets.

According to their letter, the proposed rules will apply to property outside the jurisdiction of this institution, such as "handicrafts, cash, products, and unconventional property", and prevent "other regulatory authorities from implementing control rules on physical entities whose regulatory violations have already been controlled by another regulatory authority

This news claims that the proposal deviates from standardized industry practices, will "invest heavily", and will "destroy the most important role of financial institutions having cash". Digital currency investors will be particularly severely hit:

The proposed rules will have a significant impact on digital currency investors, as entrepreneurs in the ecosystem and financial institutions that want to manage their assets are currently unable to be found

The digital currency sales market often turns to China's licensed banks or trust institutions providing banking services. The letter indicates that the proposed rules will control qualified fund custodians within the federal government's licensed entity line, which will bring inconvenience to oneself and reduce market competition. In addition, the proposed rules will interact with the U.S. Securities and Exchange Commission's Employee Accounting Statement 121, further placing commercial banks in a very unfavorable position.

The proposed rules received adverse feedback from the blockchain association and venture capital firm Andreessen Horowitz. Coinbase's top legal and regulatory officer, Paul Grewal, explicitly requested adjustments to the proposal in a letter to the US Securities and Exchange Commission.

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