“After today’s SEC proposed rulemaking, we are confident that [Coinbase Custody Trust Co.] will remain a qualified custodian,” said Paul Grewal, Coinbase’s chief legal officer, in a statement to CoinDesk.

Coinbase’s trust is chartered by New York, and it maintains custody for a significant swath of crypto investors’ assets in the U.S. The company advertises on its website that customers can store their assets in “segregated cold storage with a Qualified Custodian.”

Similarly, crypto bank Anchorage Digital was quick to assure crypto investors of its unique role in the industry as the holder of a federal charter from the Office of the Comptroller of the Currency (OCC).

“Anchorage Digital Bank, the first and only fully operational OCC-chartered digital asset bank, is unequivocally a ‘qualified custodian’,” said Georgia Quinn, the company’s general counsel, in a statement. “While Anchorage Digital would be largely unaffected by the proposed rule, we plan to work with all stakeholders to ensure any transition results in minimal disruption to the digital asset ecosystem.”