入门 SEC proposes crypto custody rule for investment advisers and funds
Quick answer
The U.S. Securities and Exchange Commission (SEC) released a draft rule on October 2, 2026, that would allow registered investment advisers and registered investment companies — including mutual funds and ETFs — to hold crypto assets directly in their own wallets, provided they meet stringent operational, recordkeeping, and cybersecurity requirements. This is not final policy; it remains subject to public comment and potential revision before adoption.
What does the draft rule actually permit?
Under the proposal, investment advisers and funds may act as their own custodians for crypto assets — a function previously reserved for qualified third-party custodians like banks or broker-dealers. The rule defines ‘crypto asset’ narrowly: only digital tokens that are securities under U.S. law, excluding commodities like Bitcoin or Ethereum per current SEC staff guidance. The proposal does not extend to stablecoins unless classified as securities by the Commission. No quantitative thresholds — such as minimum asset size, wallet balance, or number of private keys — appear in the published text from PANews (2026-10-02).
The draft mandates multi-signature controls, offline key storage protocols, annual independent audits of custody systems, and real-time reconciliation of on-chain balances against internal ledgers. It also requires advisers to disclose custody arrangements in Form ADV Part 2A and fund prospectuses — but no template language or filing deadline is specified in the source.
Who stands to gain — and who faces new friction?
Registered investment companies with exposure to tokenized securities — such as private credit tokens or real-world asset (RWA) tokens — may reduce reliance on custodial intermediaries, potentially lowering fees and settlement latency. For advisers managing separately managed accounts holding such tokens, direct custody could simplify reporting and improve audit trails.
Conversely, third-party crypto custodians face a narrowing scope: the rule does not apply to non-security tokens, meaning firms serving Bitcoin or Ether holders remain unaffected. Also, the proposal excludes unregistered entities — hedge funds operating under the 3(c)(1) or 3(c)(7) exemptions cannot use this framework. No data on expected adoption timelines, cost savings, or custodian revenue impact appears in the source.
Retail investors gain no direct access mechanism; the rule governs institutional infrastructure only. It does not alter how crypto exchanges hold user funds, nor does it affect wallet providers serving individuals. For context on how custody differs from exchange-held balances, see our glossary entry on self-custody.
What remains uncertain — and what’s missing from the draft?
The proposal contains no definition of ‘adequate cybersecurity controls’ beyond referencing NIST frameworks — leaving implementation open to interpretation. There is no mention of cross-chain custody, wrapped tokens, or smart contract risk assessments. The source does not report whether the SEC solicited input from state regulators, international counterparts, or technical standards bodies.
Crucially, the draft does not clarify how the SEC will verify compliance. No enforcement examples, penalty structures, or examination protocols are cited. Nor does it address interoperability with existing custody rules under Rule 206(4)-2 (the ‘Custody Rule’) — a gap analysts note may delay integration into adviser compliance programs. For background on how U.S. custody rules evolved, see our news archive.
Frequently asked questions
Q: Does this rule let me hold crypto in my personal brokerage account? A: No. The proposal applies only to SEC-registered investment advisers and registered investment companies — not retail brokerage platforms or individual investors.
Q: Can a fund now hold Bitcoin or Ethereum directly under this rule? A: Not unless the SEC formally classifies those tokens as securities. As of the draft’s publication date (2026-10-02), the agency has not done so. The rule covers only tokens already deemed securities under federal law.
Risk warning and disclosure
Investing involves risk and market risk; official live rules always apply. Some outbound links may be affiliate links and we may earn a commission. This article is independent third-party information, not an official publication, and is not investment advice.
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