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FollowingSEC 提出新规：允许投资顾问的客户自行保管加密资产，扭转2022年立场
一项新提案拟放宽投资顾问处理数字资产时的托管规则，这与该机构约三年前采取的反向举措形成鲜明对比。据多家媒体报道，美国证券交易委员会（SEC）已提出新规则，旨在简化从事加密资产业务的投资顾问的托管要求。
根据 Cryptopolitan、Coinfomania、Crypto News Flash 和 Cointelegraph 等媒体的报道，该提案将为顾问开辟一条新路径，允许客户自行持有其数字资产，而非必须通过合格的托管人进行流转。这一提案与此前 SEC 大约三年前的努力方向截然不同。当时的提案试图扩大托管义务，推动顾问将加密资产置于更严格的第三方托管安排之下。当时批评人士认为，由于许多数字资产缺乏合格的托管人，这种做法并不切实际。
长期存在的摩擦与务实的转变
托管规则一直是 SEC 与数字资产行业之间摩擦的焦点。按照传统框架，投资顾问通常被要求通过合格托管人来保障客户资金的安全，这一框架是为传统证券设计的。鉴于能够托管代币的银行和信托公司数量有限，将该框架直接应用于加密货币领域一直面临巨大困难。
By proposing the "self-custody" option, the SEC appears to be recognizing these practical constraints. Advisers may be able to provide clients with crypto asset exposure without requiring every asset to be passed through a qualified custodian. Cointelegraph described the move as clearing a hosting barrier that restricts consultants from providing encryption services. Coinfomania's report sees these rules as potentially transformative factors in the industry's handling of custody. If adopted, the rule could reshape the way registered investment advisers build encryption products for retail and institutional clients. In addition, it may affect how custodians, exchanges and wallet providers position their services for the advisory market.
Change in regulatory attitude
This shift reflects a broader change in regulators 'overall stance towards digital assets. Market structure and custody rules have been at the heart of the ongoing debate about how crypto assets should be co-regulated with traditional securities. Industry participants generally agree that early custody proposals in the 2022 period are restrictive, arguing that they inhibit innovation and limit consultants 'access to digital assets. The new proposal shows that regulators are now weighing a more flexible framework that takes into account the unique technical characteristics of self-custody and blockchain-based asset management.
Like any proposed rule, the measure will likely require a public consultation process before being formally adopted. The sources reviewed did not specify the final timetable or detail every clause of the proposal. As more details are disclosed, industry participants and legal observers are expected to express their opinions.
Market Impact
If this rule change is finalized, it may reduce compliance friction for registered investment advisers who provide crypto services to clients. Relaxing custody requirements may encourage more advisers to include digital assets in client portfolios, thereby expanding access for retail and institutional investors through regulated channels.
This shift may also affect the competitive landscape of custody providers, wallet infrastructure companies and exchanges serving the advisory market. The shift to self-custody options may reduce reliance on traditional qualified custodians for certain crypto assets, but given risk management needs, the need for institutional custody services is unlikely to disappear completely.
This proposal marks a significant change in the SEC's handling of investment advisers 'crypto asset custody issues. As the legislative process progresses, further details are expected to be disclosed.
FAQs
What advice does the SEC make?
According to multiple media reports, the rules proposed by the SEC will allow investment advisers to let clients keep their own crypto assets.
How is this different from the SEC's previous position?
大约三年前，SEC 曾提议扩大托管要求，推动顾问将数字资产置于更严格的第三方托管安排中。
为什么加密资产托管对顾问来说是一个难题？
传统托管规则要求使用合格托管人，但对于许多数字资产而言，此类托管人寥寥无几，这使得提供加密服务的顾问在合规方面面临挑战。
这项规则变更已经最终确定了吗？
报道描述的是一项提案，通常在最终确定之前，通常需要经历进一步的监管步骤，包括公开征求意见。
谁会受到这项变化的影响？
如果该规则获采纳，提供加密服务的注册投资顾问、托管提供商以及寻求数字资产敞口的客户都可能受到影响。
