Yesterday, the SEC proposed new rules for crypto companies acting as qualified custodians for institutional funds.

In an interview with Bloomberg, Coinbase CLO Paul Grewal stated that not only is the company already compliant with the proposed changes to qualified custodian law – it is also a role model for other crypto platforms.

“I think that when it comes to Coinbase, we see SEC officials recognize that specifically, Coinbase is operating in a qualified manner. In a lot of ways, this is about bringing the rest of the industry to the standard Coinbase has set for itself.”

Grewal followed up with a similar statement on Twitter, commending the SEC for its initiative while reminding the crypto industry that nothing is set in stone yet.

While motivating the SEC’s proposal, the agency’s Chair, Gary Gensler, stated that the move was necessary due to structural issues with how crypto platforms traditionally handle clients’ funds.

(By Jordan Lyanchev)

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