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SEC Under Fire for Its Custody Rule: Law Decoded, May 8–15

Last week, the United States Securities Exchange Commission (SEC) faced criticism from industry figures and officials regarding its proposed custody rule. The Blockchain Association claimed the rule exceeded the SEC's authority and would inhibit advisers from transacting with crypto exchanges, leaving investors' assets at more risk.

Additionally, the SEC faced criticism for its "legal threat" to Coinbase in late March, with the U.S. Chamber of Commerce accusing the regulator of deliberately creating an uncertain landscape for crypto companies operating in the country.

Meanwhile, Texas legislators voted to amend the state's Bill of Rights to recognize the right of individuals to possess, retain, and utilize digital currencies. In other news, FTX founder Sam Bankman-Fried is seeking to have up to 10 criminal charges against him dismissed ahead of his scheduled criminal trial in October.

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