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Fiduciary Responsibility

Overview#

Fiduciary Responsibility requires that the Trustee MUST be Accountable to make decisions about the Resources that are in the best interest of the beneficiary.

Revised Uniform Fiduciary Access to Digital Assets Act (RUFADDA)#

Has been enacted in 43 states (with DE having the previous version). In 2019, it was introduced in DC, MA, PA. States that haven't yet considered it are: CA, OK, LA, and KY

Fiduciary Responsibility vs custodian#

A custodian is Responsible to protect the Resources from theft, but the custodian does not have Fiduciary Responsibility to the beneficiary. This means that a custodian MUST conduct any transaction for the trustee even if the custodian believes it is a bad decision.

More Information#

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