SEC Proposal Would Address How Investment Advisers and Funds Can Custody Crypto Assets Under the Federal Securities Laws
The SEC proposed new rules and amendments for holding crypto assets under the federal securities laws, aimed at registered investment advisers and regulated funds. Paul Atkins said the framework is meant to give those firms a compliant way to custody crypto assets, and the agency pointed out that the current custody rules were built around traditional investments. The new coverage adds that the proposal arrived as part of the SEC’s broader digital-assets agenda and that the agency framed its existing rules as lagging behind Bitcoin’s growth.
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Advisers and regulated funds are the main firms that would notice this change first, because the proposal is written for their custody arrangements. The SEC also set out the framework as a compliant route for holding crypto assets, while saying the existing custody rules were built around traditional investments.
In practice, the proposal changes the regulatory frame for crypto custody by putting it inside a tailored set of rules for advisers and regulated funds. What stays the same is that the rulemaking still sits under the federal securities laws, and the proposal still targets the same classes of firms named in the text. (per sec.gov)
What remains open is how the proposal will be finalized and what the detailed custody obligations will look like in the end. The texts do not settle that, and they also do not say which specific custody arrangements will be accepted without further changes.
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SEC press releases
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Crypto Briefing
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Crypto Briefing
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Bitcoin Magazine
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BeInCrypto
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