入门 SEC proposes custody rules for crypto assets held by investment advisers and funds
Quick answer
The U.S. Securities and Exchange Commission (SEC) published a proposed rule on October 2, 2026, to define how registered investment advisers and registered investment companies — such as mutual funds and ETFs — must hold crypto assets in custody. The proposal would require these entities to use qualified custodians meeting specific criteria, including segregation of client crypto assets, written agreements, and periodic verification. It does not apply to unregistered entities or individuals. No final rule date is set; the comment period opens upon Federal Register publication, which has not yet occurred (Source: wublock123.com, 2026-10-02).
What does the proposal actually cover?
The SEC’s draft rule targets two regulated groups: registered investment advisers under the Investment Advisers Act of 1940, and registered investment companies under the Investment Company Act of 1940. It defines ‘crypto asset’ as any digital asset that is a security, commodity, or payment intangible — but excludes stablecoins backed by fiat reserves if they meet certain conditions (the proposal does not list those conditions or cite thresholds). The rule would require advisers and funds holding crypto assets on behalf of clients to place them with a ‘qualified custodian’, defined as banks, trust companies, or broker-dealers subject to federal oversight — not crypto-native custodians unless they also hold one of those licenses. The proposal explicitly excludes self-custody, multi-sig wallets controlled solely by the adviser, or third-party custodians without formal regulatory status.
Who is affected — and how?
Registered U.S. investment advisers managing crypto-related strategies — like Bitcoin-focused hedge funds or tokenized real-world asset portfolios — would need to restructure custody arrangements before any final rule takes effect. Similarly, registered funds offering exposure to crypto securities (e.g., tokenized equities or debt) would face new operational requirements. This does not impact retail investors holding crypto directly, nor decentralized finance protocols, DAO treasuries, or non-U.S. fund structures. The proposal does not address custody for spot Bitcoin ETFs already approved by the SEC, as those rely on existing custodial frameworks approved case-by-case. It also does not clarify whether staked tokens, NFTs representing equity, or yield-bearing tokens qualify as ‘crypto assets’ under the definition — the source article provides no detail on scope boundaries or enforcement timelines.
What remains uncertain?
No implementation date is included. The proposal is not law; it enters a public comment period only after formal publication in the Federal Register — a step not yet completed as of October 2, 2026. The SEC has not disclosed how many registered advisers currently hold crypto assets, nor what share of crypto-related AUM falls under registered funds. There is no data on custodian capacity, cost implications, or audit frequency requirements beyond ‘periodic verification’. The proposal does not reference international equivalents (e.g., EU’s MiCA custody rules) or cross-border coordination. It also makes no mention of integration with existing Form ADV disclosures or whether new reporting fields will be added to Form N-CEN for funds.
Frequently asked questions
Q: Does this rule apply to crypto exchanges like Binance or Coinbase? A: No. The proposal applies only to SEC-registered investment advisers and registered investment companies — not trading platforms, wallet providers, or unregistered entities. Exchanges operating as broker-dealers may qualify as ‘qualified custodians’ only if they meet all statutory and operational criteria outlined in the proposal, but the source does not confirm whether any crypto-native firm currently satisfies them.
Q: Can a fund use a multisig wallet managed by its own team? A: No. The proposal prohibits advisers and funds from maintaining exclusive control over private keys or using self-custody mechanisms. Assets must be held by a third-party qualified custodian with verifiable segregation, written custody agreements, and independent verification — none of which apply to internally managed multisig setups.
Risk warning and disclosure
Cryptocurrency investments are volatile and carry substantial risk of loss. This article reports on a proposed regulatory framework and does not constitute legal, tax, or investment advice. The SEC has not adopted the rule; it remains subject to revision, delay, or withdrawal. Past performance is not indicative of future results. Cryptodlhub receives compensation for referrals to third-party services, including Binance. We do not guarantee the accuracy, completeness, or timeliness of external sources. For definitions of terms like ‘qualified custodian’ or ‘investment company’, see our Glossary. To explore how crypto assets interact with traditional financial instruments, visit our news section.
Risk warning and disclosure
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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