SEC Proposes New Crypto Custody Framework
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The SEC proposed a new crypto custody framework for registered investment advisers and regulated funds, including a conditional path for holding client crypto themselves when no approved custodian is available. The proposal also opens the door to state trust companies as custodians and is open for comment. Other coverage adds that the framework was proposed on October 1 and that it is meant to address custody under federal securities laws.
Key claims & sources
What it means
Advisers, regulated funds, and the clients whose assets they hold are the groups most directly affected by the proposal. If the rules take effect, they would be able to use self-custody in limited cases and state trust companies in others, which changes the custody options available to them tomorrow morning rather than the underlying assets themselves. (per unchainedcrypto.com)
In practice, the proposal narrows self-custody to cases where no permitted custodian is available, so it is not a general permission to hold crypto directly. What stays the same is that the framework remains conditional and subject to the proposal process, including public comment. (per crypto.news)
Market reaction i
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
U.Today
Unchained
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AMBCrypto
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Crypto Briefing
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Crypto Briefing
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Has this happened before?
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|---|---|---|
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