TREE NEWS update: The U.S. Securities and Exchange Commission on Thursday proposed rules clarifying how investment advisers and regulated funds may hold and safeguard client crypto assets, covering recordkeeping, federal disclosure, industry practices and audit requirements. SEC Chairman Paul Atkins said existing custody rules were built for traditional assets and the proposal would give crypto custody a regulatory framework. The proposal is open for 60 days of public comment and would, under certain conditions, permit self-custody and state-chartered trust institutions as custodians.
SEC Proposes Rules on Crypto Custody for Advisers and Funds
AI take
The proposal's real weight lies in what it concedes: self-custody and state-chartered trust institutions as permissible custodians, which loosens the bank-centric custody model that has effectively kept advisers and funds on the sidelines. That matters most for registered vehicles that have wanted crypto exposure without a qualified custodian willing to hold it. The 60-day comment window is where the substance will be contested, and whether the state-trust route survives that process is the open question.
Generated by AI for reference only.
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