SEC Proposes New Crypto Custody Framework for Funds and State Trusts

The Securities and Exchange Commission proposed a new crypto custody framework for investment advisers and regulated funds, creating paths for qualified custodians, state-chartered trust companies and conditional direct custody when outside providers are unavailable. Under the proposal, an adviser choosing direct custody would need written evidence that no qualified custodian can support the asset and would have to reassess that determination at least quarterly. Each transaction would require authorization from at least two people, while client assets would be held in separate blockchain addresses.

Source: TokenPost