SEC Proposes Crypto Custody Rules for Advisers and Funds

The U.S. Securities and Exchange Commission proposed new rules on October 1, 2026 that would define how registered investment advisers and regulated funds can custody crypto assets, opening a path to conditional self-custody and to state trust companies as custodians. The proposal, filed under File No. S7-2026-35 , was published in the Federal Register on October 6, 2026 and is open for public comment through December 7, 2026. The package, titled “Adviser and Regulated Fund Custody Rules; Crypto Custody Rules,” would let advisers hold a client’s crypto private keys themselves when no qualified custodian is available, and would add state-chartered…