Coinbase's Paul Grewal Criticizes SEC's RIA Rulemaking

Coinbase's Chief Legal Officer, Paul Grewal, has penned a letter to the SEC, urging the regulator to revise its proposed rulemaking on registered investment advisers' responsibilities for storing client assets with qualified custodians. Grewal argues that the rule unfairly targets crypto and calls for revisions to ensure the protection of all asset classes, including cryptocurrencies. He suggests defining state trust companies as qualified custodians and lifting the ban on RIA client trades on crypto exchanges. The revisions aim to protect investors and make the rule adaptable to future investments.