Original sourcegate.com
Summary
The SEC Crypto Task Force announced custody standards direction on September 22, allowing broker-dealers and registered investment advisers to hold and trade crypto assets as part of broader crypto asset rulemaking. For broker-dealers, the expected proposal would require documented transfer control…
Key points
- Custody is a prerequisite for institutions entering crypto markets, and readers can grasp the actual progress of the adviser and broker-dealer rule tracks and current applicable guidance.
- Once custody rules land, they will determine whether traditional broker-dealers and investment advisers can legally hold crypto assets for clients, serving as the gate for institutional capital entry.
- Investment advisers currently can only rely on no-action guidance to select qualified custodians, while broker-dealers must pre-build transfer controls and cybersecurity procedures; demand for compliant custody services will rise.
Editorial note
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