SEC Weighs Conditional Self-Custody of Client Crypto by Investment Advisers

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SEC Chair Paul Atkins asked staff to draft a conditional framework allowing investment advisers to self-custody client and fund crypto assets and potentially expand eligible custodians to state trust companies. This addresses a practical constraint where some tokens lack qualified third-party custodians, which can limit adviser participation. While broader legislative progress (CLARITY Act) stalled, the SEC's ongoing rulemaking signals incremental regulatory normalization for crypto market infrastructure.

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SEC Chair Paul Atkins said he has directed staff to draft a proposal that would let investment advisers hold clients' cryptocurrency directly—and custody crypto for regulated funds—subject to specific conditions. The agency is also evaluating whether state trust companies could qualify to act as crypto custodians. Atkins cited a market gap in which certain crypto assets do not yet have qualified third-party custodians. The custody proposal would form part of the SEC's broader crypto regulatory framework. A revised crypto-asset custody rule previously entered White House review in August. Atkins added that the framework also includes two other initiatives: the Crypto Assets Regulation proposal released on August 18, and a package to modernize transfer agent rules aimed at how crypto assets are issued and transferred. He also called on Congress to advance the CLARITY Act. The bill failed to progress on September 15 after a Senate procedural vote, passing 49–50.