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SEC staff open to advisers using trust companies as crypto custodians

The US Securities and Exchange Commission (SEC) has indicated that investment advisers may use state trust companies to custody cryptocurrency assets, following a no-action letter from the SEC’s Division of Investment Management. This letter reassures that no enforcement action will be taken against advisers utilizing these custodians. Law firm Simpson Thacher & Bartlett sought this clarity, as they wanted confirmation that venture capital firms could operate without worry of regulatory penalties. The SEC hinted at future amendments to custody rules amid efforts to modernize regulations for crypto assets. These state trust companies must meet specific criteria, including due diligence and best interest assessments for clients. SEC Commissioner Hester Peirce emphasized that this guidance will beneficially streamline the process for advisers in choosing custody solutions for client assets. However, dissenting views were expressed by SEC Commissioner Caroline Crenshaw, who raised concerns about potential regulatory imbalances and the bypassing of traditional application processes. This development signals a crucial step toward expanding crypto custody options within the investment framework.

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