Wyoming’s Digital Custody Law: Taming the Wild West?
Richard B. Levin quoted in FinOpps Report.
By: Chris Kentouris
Wyoming’s attempt to establish banks as custodians for digital assets sounds great, but it might not be enough to convince institutional investors to take the plunge, caution some legal experts.
The reason: without explicit rules from either federal securities or banking regulators, attorneys aren’t willing to tell any registered investment advisor it is on solid legal ground if it picks a Wyoming bank as its custodian for digital assets. Of course, neither will attorneys render any legal opinions verifying that any of the existing digital asset custodians meet the US Securities and Exchange Commission’s requirements as a qualified custodian.
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