Gemini Could Meet SEC’s Proposed Custodian Rules, According to Tyler Winklevoss
Gemini Trust Company holds certifications for its custody products, including SOC 1 Type II and SOC 2 Type II.
Gemini co-founder Tyler Winklevoss believes that if the Securities and Exchange Commission (SEC) expands its custody rules, Gemini will qualify as a custodian.
In a Twitter thread, Winklevoss stated that Gemini Trust Company is a New York trust company that has acted as a fiduciary and qualified custodian under New York Banking Law since 2015.
He also mentioned that the company is subject to the same evaluations as banks and complies with capital, BSA/AML, and cybersecurity requirements.
SEC Chair Gary Gensler proposed to extend federal custody regulations to encompass crypto exchanges on February 15.
If the proposal is ratified, crypto exchanges must separate their funds from their customers and adhere to more stringent registration processes to qualify as qualified custodians.