Coinbase's Chief Legal Officer, Paul Grewal, has voiced his opposition to the U.S. Securities and Exchange Commission's (SEC) proposed revisions to federal custody requirements. The proposed rule would require registered investment advisers (RIAs) to hold client assets at qualified custodians. Coinbase has submitted its comments regarding the proposed rule, disagreeing with the SEC's proposition to shift the types of banks allowed to serve as qualified custodians. Coinbase also believes the proposal requirement by the SEC for RIAs to maintain possession or control of client assets at all times is unjustified.