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FollowingWhat self-custody means for investment advisers
Securities and Exchange Commission Chairman Paul Atkins has instructed staff to draft a proposal that would allow investment advisers to self-custody cryptocurrency assets under certain conditions. In addition, state trust companies are also qualified to serve as investment advisers and custodians of crypto assets for regulated funds. The custody plan is one of the three pillars of the SEC's broader crypto framework.
On September 15, the Senate failed to advance the CLARITY Act by a procedural vote of 49 - 50. Atkins said that no matter what action Congress takes, the SEC will continue to advance the development of encryption rules.
SEC Chairman Paul Atkins wants to provide investment advisers with a clearer path to hold cryptocurrency assets directly for clients. He shared the plan in a speech delivered at the Solana Policy Institute Summit on September 14 and said SEC staff had been asked to draft proposals on the issue. The proposal will explore whether advisers can directly custody crypto assets, including assets related to regulated funds.
"The answer to self-custody is yes, because for many assets, a qualified third-party custodian does not currently exist." Atkins said.
The plan will also determine whether state trust companies can serve as custodians for these assets. This has been a controversial topic in previous custody discussions.
Specific impact of self-custody on investment advisers
目前，投资顾问通常需要将客户资产交由外部合格托管人管理。而自我托管将使顾问能够直接持有和管理这些资产。这一点至关重要，因为许多加密资产目前缺乏可用的合格第三方托管服务。SEC的托管规则修订版已于8月进入白宫审查阶段。
该托管提案是更大规模计划的一部分。阿特金斯将其描述为该机构加密框架三大支柱之一。第二项支柱是《加密资产条例》，于8月18日提出，旨在为某些加密投资合同发行制定规则。该计划包括针对小型发行的豁免条款：如果企业满足披露要求，可在四年内融资高达500万美元，或每年高达7500万美元。此外，该计划还为某些投资合同提供了脱离“证券”法律定义的避风港。阿特金斯指出，一个关键的不确定性在于，何时受涵盖的投资合同不再被视为此类合同。
过户代理规则完善整体框架
第三项支柱涉及更新过户代理规则。其中许多规则自20世纪70年代末和80年代初以来未发生重大变化。此次更新将涵盖电子通信、记录保存、区块链技术以及证券的发行与转让方式。
阿特金斯还敦促国会通过《CLARITY法案》。他表示，该法案有助于明确加密投资合同在法律上终止的时间点。他补充道，无论该法案在国会的命运如何，SEC将继续推进自身的规则制定工作。
然而，该立法在9月15日遭遇阻碍。由于 cloture（结束辩论）投票未达到所需票数（49票对50票），参议院未能推进《CLARITY法案》。H.R. 3633号法案目前处于停滞状态。议员们尚未就道德条款和稳定币规则的分歧达成共识。
目前，SEC的托管提案、《加密资产条例》以及过户代理规则的更新正作为独立的机构行动继续推进。
