The US Securities and Exchange Commission is moving ahead with its crypto rulebook. On October 1 it proposed rules on how registered investment advisers, registered funds and business development companies can hold crypto assets. Under the proposal, advisers and funds could in certain cases hold crypto themselves, and state trust companies could act as custodians, subject to conditions. Public comments stay open for 60 days after publication in the Federal Register, and the rules must be finalized before firms can rely on them.
SEC Chair Paul Atkins said: “Our work is not finished. More regulatory proposals are on the horizon,” without naming topics or dates. The custody proposal follows Regulation Crypto Assets, proposed in August, which would offer a startup exemption of up to $5 million over four years and a fundraising exemption of up to $75 million a year. On September 17 the SEC also issued a temporary innovation exemption for tokenized stock trading.
For prices, the impact is indirect. Clearer custody rules could make it easier for funds and advisers to hold crypto, which may support institutional demand over time. But these are still proposals, so the near-term effect is limited. Markets will watch the comment period and the next proposals for signals on timing.
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Sources:
- CNBC: SEC proposal to make it easier for funds to hold crypto
- Analytics Insight: SEC Plans More Crypto Rules as Paul Atkins Outlines New Proposals
- SEC: Proposal on how investment advisers and funds can custody crypto assets
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