Galaxy Coin

<h2 id="header-0">Get a Quick Overview: Original Article and Galaxy's Summary, Plus What You Can Do to Help</h2><h3 id="strong-original-article-strong"><strong>Original article:</strong></h3><p>https://www.cnbc.com/2023/02/15/sec-chair-gensler-crypto-firms-need-to-register-to-custody-assets.html</p><h3 id="strong-galaxy-summary-strong"><strong>Galaxy summary: </strong></h3><p>The SEC voted to propose changes to federal regulations that would expand the scope of federal custody rules to include assets such as crypto. Companies would need to be registered in order to hold customer assets. The changes would be the SEC's most overt effort to regulate crypto exchanges and their institutional custody programs serving high-net-worth individuals. The move is a threat to crypto exchange custody programs, as other federal regulators discourage custodians from holding customer crypto assets. The proposals also require written agreements between custodians and advisors, expand surprise examination requirements, and enhance recordkeeping rules. The SEC proposal does not alter the requirements to be a qualified custodian, and state-chartered trust companies such as Coinbase or Gemini could still serve as qualified custodians. The proposed changes by the SEC are intended to ensure client assets are properly protected in the event of a qualified custodian bankruptcy. However, there was dissent and questions within the commissioner's ranks over the proposed rules.</p><h3 id="strong-what-can-be-done-strong"><strong>What can be done?</strong></h3><p>The American people have the right to express their opinions and concerns to their elected officials, including members of Congress. They can also participate in public comment periods for proposed regulations, write letters, make phone calls, and participate in advocacy groups to make their voices heard. Additionally, they can support candidates who align with their views on regulation and vote in elections. However, it's important to note that the SEC operates as an independent agency and its decisions are not directly influenced by public opinion, but rather by its mandate to protect investors, maintain fair and orderly markets, and facilitate capital formation.</p><p>Stay informed and make your voice heard! With the power to write the laws that regulators like the SEC must follow, it's crucial for digital asset holders in the U.S. to engage with their elected officials. This tool makes it simple to find your U.S. Representatives and Senators, and share your personal story and concerns with them. Big thanks to Johns Deaton and the team at CryptoLaw.us for making this tool freely available to all.</p><p>https://www.crypto-law.us/connect-to-congress/</p>

SEC Proposes Groundbreaking Changes to Regulations: Crypto Assets Included!

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