Gemini will be qualified custodian under proposed SEC rules Gemini will be qualified custodian under proposed SEC rules
Gemini Trust Company has been considered a qualified custodian under the NY Banking Law since 2015, according to Tyler Winklevoss.
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Updated: Feb. 17, 2023 at 11:48 pm UTC
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Crypto exchange Gemini would be considered a qualified custodian if the Securities and Exchange Commission’s (SEC) proposed expansion becomes official, according to Gemini co-founder Tyler Winklevoss.
Winklevoss published a thread on his Twitter account and said:
“Gemini Trust Company, LLC, is a New York trust company and has been a fiduciary and qualified custodian under the New York Banking Law since 2015. This will continue to be the case under any new SEC rule that comes into effect.”
He added that the company undergoes the same examinations as banks and is subject to capital, BSA/AML, and cybersecurity requirements. Gemini Trust Company also acquired its custody products’ SOC 1 Type II and SOC 2 Type II certifications.
The SEC chair Gary Gensler proposed to expand the federal custody rules to include crypto exchanges on Feb. 15. If the proposal becomes official, crypto exchanges will have to separate their funds from their users and go under heavier registration processes to be considered a qualified custodian.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Tyler Winklevoss, known for his pioneering role in the cryptocurrency realm, is a Harvard University alumnus with a degree in Economics and holds an MBA from Oxford University.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.