🔥 THE SEC OPENED THE DOOR FOR ADVISERS TO HOLD CLIENT CRYPTO THEMSELVES. BUT THERE'S A CATCH

On Oct. 1, the SEC proposed a new custody framework for investment advisers and funds:

- Advisers could self-custody crypto, but only when no permitted custodian is available, and they'd have to reassess every quarter
- State trust companies could act as custodians
- It reverses the 2023 plan from the Gensler era

One day later, Commissioner Hester Peirce, who led the Crypto Task Force, left the SEC. The commission is now down to 2 members, who will vote on the final rule.

Banks have opposed this exact practice since 2025. So what will they do next? 🤔

👉 Read the full story: https://cryptothreads.io/news/sec-crypto-custody-proposal-advisers-funds/

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