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SEC Floats New Crypto Custody Path for Advisers When No Custodian Exists

Milena Thomas
Published Oct 1, 2026
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Summary:
  • The SEC on Thursday proposed updating custody rules for investment advisers and regulated funds, with crypto as a core focus.
  • If an eligible custodian cannot be found, advisers and funds would be permitted to hold clients' crypto directly, and some state-chartered trust companies could qualify to custody assets subject to specific conditions.
  • The push continues even after the Clarity Act stalled in a procedural vote last month; before that vote, the SEC sent the White House a proposal to "clarify the framework for the custody of crypto assets" for investment advisers and companies.

What the proposal does

The SEC unveiled draft rules to modernize how advisers and regulated funds safeguard assets, putting special attention on crypto. In situations where no qualifying custodian exists, advisers and funds, operating through their advisory firms, could directly safeguard clients' crypto holdings.

New custody options and recordkeeping

The proposal would permit the use of state trust companies to hold crypto for clients and for regulated funds, subject to conditions. The agency also said blockchain-based records could be used to meet compliance requirements if certain conditions are satisfied.

Why this is moving now

Regulators said they are pressing ahead on digital asset rulemaking even though Congress did not advance the Clarity Act last month. The long-anticipated measure - meant to sort digital assets into securities, commodities, or payment stablecoins - failed to get enough votes to move forward. Leading up to that vote, the SEC sent the White House a proposal intended to "clarify the framework for the custody of crypto assets" for investment advisers and companies. Officials had also said they would proceed with regulating the crypto industry regardless of the legislation's fate.

As custody conversations continue to evolve, long term investing wins when done consistently, get the free Always Be Buying E-Book

What SEC leaders said and what it means for your wallet

SEC Chairman Paul S. Atkins framed the move this way: "Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace." He added, "To that end, today's proposal would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before - and replacing the grey of uncertainty created by custody rules crafted for a bygone era." Atkins, who has positioned himself as pro-crypto, also said he would continue working to make the U.S. the "crypto capital of the world" whether or not the legislation advances.

Whether rules change around safekeeping or not, staying steady builds wealth over time, grab your free Always Be Buying E-Book

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