By 
“Any non-fiduciary firm seeking the benefits of a federal bank charter should meet the same standards as community banks.”
– Rebeca Romero Rainey, ICBA CEO, on the group's lawsuit against the OCC · Friday
Welcome to the Monday edition of the 51 Insights digital asset newsletter.
On Thursday the SEC proposed an easier way for advisers to hold real crypto. On Friday the community banks sued to close a different door.
Here's what matters this week:
SubscribeTHE BIG STORY / CUSTODY
The SEC proposes. The banks sue.
What's going on here?
The SEC proposed rules on Thursday for how advisers and funds can hold crypto for clients. There are two new routes. State trust companies could act as custodians if their state lets them hold crypto. And if no custodian will take a token, the adviser can hold it itself, under strict rules. The vote was 3-0, one of Hester Peirce's last before she left on Friday.
