The U.S. Securities and Exchange Commission proposes conditional self-custody for cryptocurrency cus

The U.S. SEC proposes a new framework for crypto asset custody: conditional self-custody and state trust company custody

On October 1, 2026, the U.S. Securities and Exchange Commission (SEC) issued press release No. 2026-100, proposing to establish a crypto asset custody framework for registered investment advisers and regulated funds. The framework allows for "self-trusteeship" under certain conditions and recognizes state trust companies as trustees. Under regulations, the public can submit comments within 60 days of the text of the proposal being published in the Federal Register.

Cotribune compared and analyzed this new rule with the guidance letter issued by the SEC on September 30, 2025. The results show that what regulators regard as a "new path" this time has previously appeared in the form of a "no action stance" that is not legally binding.

Summary of Core Points

• Self-custody conditions: According to the SEC, advisers can only self-custody of customers 'crypto assets if they determine that no qualified custodian is available.
• State Trust Company Role: State Trust Companies are recognized as custodians subject to strict isolation of customer assets and audited account review.
• Timeline: The comment period is 60 days after the publication of the Federal Register, and the specific publication date has not yet been announced.
• Scope of application: covers two laws passed in 1940, covering regulated funds such as registered investment advisers, registered investment companies, and business development companies (BDC).

Specific changes to crypto asset custody proposed by the SEC

According to the SEC's fact brief, the proposal opens up two paths for crypto asset custody (i.e. holding customer assets):

1. Consultant self-hosting: Specific conditions must be met.
2. State Trust Company Custody: Responsible by a licensed institution.

This proposal is mainly for registered investment advisers and regulated funds (including funds that manage business development companies). Based on the fact summary, self-custody is only possible if the consultant determines that no qualified custodian is available, and the consultant must re-verify this on a quarterly basis. In addition, consultants need to demonstrate their professional ability to ensure that each transaction requires joint authorization from at least two people to protect private keys and obtain reports from independent auditors on their internal controls within six months.

For funds, their board of directors should oversee the arrangements. For state trust companies, consultants or funds should verify beforehand and regularly annually whether the company has been authorized by the state banking regulator to hold crypto assets, review its audited accounts and internal control reports, and require that client assets be strictly segregated from their own funds.

How is it different from 2023 and 2025?

The proposed rule replaces the previous "no-action stance." On September 30, 2025, the SEC's investment management department pointed out that if certain conditions are met, the SEC will not recommend sanctions against certain state trust companies if advisers and funds treat them as banks. However, the letter clearly stated that it had no legal effect.

尽管如此，SEC主席保罗·阿特金斯（Paul Atkins）曾将此路径描述为“已在实践中可行”。他在2026年9月14日索拉纳政策研究所（Solana Policy Institute）的演讲中表示，他要求相关部门提出一项允许加密资产自托管和使用州信托公司的提案，因为后者路径“在实践中已经行得通”。然而，10月1日的新闻稿描述了不同的局面：

“今天的提案将为加密资产托管提供清晰的监管框架，为投资顾问和基金提供一个此前不存在的全合规路径。”

这两份声明并不矛盾：实践中可行的路径并不等同于符合正式规则的合规路径。2025年至2026年的变化在于，从一份无法律效力的“不采取行动立场”转变为一份仍需委员会正式通过的规则。此外，监管思路也发生了转变：2023年提出的提案（已于2025年6月正式撤回）旨在将托管规则扩展至所有资产；而2026年的提案则声称是专门针对加密资产量身定制的。

Sources: SEC, 2023 Proposal Withdrawal Announcement (June 12, 2025);SEC, Letter dated September 30, 2025;SEC, Press Release 2026-100 (October 1, 2026).

What are the next timeline steps?

The SEC must publish the proposal in the Federal Register. Afterwards, the public comment period will be open for 60 days. Therefore, the deadline does not start from the date of release of the press release, but from the date of publication, and the SEC has not yet announced the specific release date.

At this stage, there are no substantial changes for European investors. In Europe, crypto asset custody services are mainly regulated by the Crypto Asset Markets Regulation (MiCA) and supervised by national authorities in various countries, including the French Financial Markets Authority AMF.

目前SEC尚无确定的截止日期，这取决于《联邦公报》的发表时间及随后的60天评论期，之后才会对最终文本进行投票。最重要的是，自托管的具体条件将决定诸如比特币等高风险加密资产是否真的可以保留在顾问手中，这一点将是我们的编辑团队重点关注的议题。目前，一个没有明确日期的规则接替了一份没有法律效力的信函，正式的官方印章仍在等待中。