The U.S. Securities and Exchange Commission has proposed a new rule aimed at creating a clearer custody framework for registered investment advisers and regulated funds that hold crypto assets. Under the proposal, digital assets could be held through state trust companies in certain cases, and self-custody arrangements would also be permitted if specific conditions are met. SEC Chair Paul S. Atkins said the current custody rules were largely built for traditional assets and do not fully address the needs of crypto asset custody. The agency said the proposal is meant to remove some of the regulatory barriers that currently affect advisers offering crypto-related investment advice, while also giving regulated funds more options for investment strategies tied to crypto assets. The proposal would also revise requirements related to financial statement audits and broker-dealer custody services. It is not a final rule, and the SEC will seek public comment for 60 days before making a final decision.
The U.S. Securities and Exchange Commission has proposed a new rule to set a clearer framework for registered investment advisers and regulated funds that custody crypto assets.
Under the proposal, digital assets could be held through state trust companies in certain circumstances. It would also allow self-custody arrangements when specified conditions are met. The SEC said the proposal is intended to remove some of the regulatory obstacles that currently affect advisers offering crypto-related investment advice and to give regulated funds more choices in investment strategies linked to crypto assets.
SEC Chair Paul S. Atkins said the existing custody rules were designed mainly for traditional assets and do not adequately meet the custody needs of crypto assets.
The proposal also updates requirements tied to financial statement audits and broker-dealer custody services.
This is not a final rule. The SEC said it will collect public feedback before making a final decision, with the public comment period open for 60 days.
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