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 crypto asset managers have faced since 2017”. She added that it was encouraging to see the SEC working through the issues with the industry, while voicing her approval of the path to holding assets directly.

“For years we have dealt with the issue of wanting exposure to a new token that no qualified custodian would hold,” Collins-Wood said.

The proposed Rule 223-1(b)(7)…