• Bitwise’s general counsel welcomed the SEC’s custody proposal on Friday, but said DeFi questions were not resolved.

• Managers could hold assets themselves where no qualified custodian would take them.

• The Securities and Exchange Commission was taking comments for 60 days after the proposal reached the Federal Register.

Bitwise General Counsel Johanna Collins-Wood said that the Securities and Exchange Commission’s (SEC) new crypto custody proposal solved problems asset managers have faced for years, but that “important questions about DeFi still remain[ed].”

Collins-Wood explained her reading of the custody counsel on X on Friday, saying that the framework “thoughtfully addresses problems…