May 8, 2023
I am concerned that the qualified custodian rule will further centralize custody of crypto assets unnecessarily and create a class of assets only available to the wealthy. One of the benefits of crypto is the wide accessibility and the ability to self-custody allowing a wide variety of parties to custody assets. Chairman Gensler once stated that its not the SEC's job to advise parties on what is a good or bad investment but rather to ensure proper disclosures have been provided. If a party knowingly conveys custody to an exchange or other party for custody, why can the individual not waive a qualified custodian requirement? I am very concerned this proposal will just help the wealthy and connected and place an asset class out of reach that has been readily accessible (and profitable) for ordinary people in the past.