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SEC proposes rules for crypto custody by advisers and funds

The SEC said advisers and regulated funds could hold client crypto themselves only if no permitted custodian is available.

Reported · Written up by our desk · Regulation

The U.S. Securities and Exchange Commission has proposed new rules aimed at updating how investment advisers and regulated funds custody crypto assets, with a focus on digital-asset holdings.

According to Bitcoin Magazine, the SEC said advisers and funds acting through their advisers could hold client crypto themselves, but only if a permitted custodian is not available.

Bitcoin Magazine also notes that regulators are continuing rulemaking for the crypto sector despite lawmakers blocking the Clarity Act last month.

The proposal follows the SEC’s broader effort to govern custody of crypto as the market has grown beyond its early beginnings, the outlet said in describing the SEC’s rationale.

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