U.S. Securities and Exchange Commission Chair Paul Atkins said he has directed agency staff to prepare a proposal that would let investment advisers directly custody crypto assets held for clients and regulated funds under certain conditions. He also said the SEC is considering whether state trust companies could serve as custodians.
Atkins said some crypto assets do not currently have qualified third-party custodians available, framing the proposal as part of a broader regulatory effort rather than a standalone change. The custody proposal sits within the SEC’s wider crypto regulatory framework, and a revised crypto asset custody rule had already entered White House review in August.
He said the framework also includes two other items: the Crypto Asset Regulation introduced on Aug. 18 and a transfer agent modernization plan, covering crypto asset issuance and transfers, respectively. Atkins also urged Congress to move forward with the CLARITY Act. That bill, however, failed to advance in a procedural Senate vote on Sept. 15, receiving 49 votes in favor and 50 against, according to Bitcoin.com News.
U.S. Securities and Exchange Commission Chair Paul Atkins said he has asked staff to draft a proposal that would allow investment advisers, under certain conditions, to directly custody crypto assets for clients and regulated funds. He also said the agency is considering allowing state trust companies to act as custodians.
Atkins said some crypto assets do not yet have qualified third-party custodians.
Custody proposal forms part of broader SEC crypto framework
According to Bitcoin.com News, the custody proposal is one component of the SEC’s crypto regulatory framework. A revised SEC rule on crypto asset custody had already entered White House review in August.
Framework also covers issuance and transfer rules
The other two parts of the framework are the Crypto Asset Regulation, proposed on Aug. 18, and a transfer agent modernization plan. Those two items address crypto asset issuance and transfers, respectively.
Atkins also called for action on the CLARITY Act
Atkins urged Congress to advance the CLARITY Act. The bill did not move forward in a procedural Senate vote on Sept. 15, where it received 49 votes in favor and 50 against.
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