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SEC to Implement Triple-Redundant Custody System Because Clearly One Wasn’t Enough

BitcoinCrypto NewsEthereum 1 Doug Martinez September 23, 2024

An illustration of a vault with three separate doors, each labeled with a different company logo (Coinbase, Anchorage Digital Bank, and Bitgo), surrounded by chains and padlocks, conveying enhanced security through triple-redundant custody.

There’s a reason they call it ‘securing’ your assets when you put them in an exchange-traded fund (ETF). It sounds like Cboe BZX Exchange and their friends at Anchorage Digital Bank, Bitgo, and Coinbase are trying to secure the SEC from any more bad press by adding some extra custodians for Bitcoin and Ethereum ETFs. Because what could possibly go wrong with having three separate entities holding your precious crypto assets? It’s not like they’ll all get hacked or anything… (Just kidding, it’s already happened). Seriously though, who needs just one robust and secure custody service when you can have several redundant ones to ‘clearly identify’ the owner of those Bitcoin Trusts? And what about the energy usage for all these extra custodians? We’re talking crypto here – not exactly known for its sustainability. The SEC is seeking public input on this proposal, so go ahead and weigh in with your thoughts… or just shrug like I am.

Source: bitcoin.com

SEC Reviews Proposal for New Bitcoin, Ether ETF Custodians
https://news.bitcoin.com/sec-reviews-proposal-for-new-bitcoin-ether-etf-custodians
The U.S. Securities and Exchange Commission (SEC) is seeking public input on a proposal by Cboe BZX Exchange to add new custodians for bitcoin and ethereum exchange-traded funds (ETFs). The plan aims to enhance security by adding Anchorage Digital Bank and Bitgo alongside Coinbase as custodians for bitcoin and ether holdings. The U.S. Securities and Exchange Commission (SEC) published a notice on Wednesday, soliciting comments on a proposed rule change […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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