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The SEC just proposed letting financial advisers hold crypto themselves. Here is the catch.
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On October 1, 2026, the SEC proposed new custody rules for investment advisers and regulated funds.
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Self-custody by an adviser is only allowed when no qualified outside custodian exists for that asset.
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Advisers must recheck that determination every three months, not just once.
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Any transfer needs at least two authorized people to sign off, not one person alone.
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State-chartered trust companies can now qualify as crypto custodians too.
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Commissioners disagree: Peirce and Uyeda back it, investor advocates call it too risky.
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This is still just a proposal. A 60-day public comment period comes before any final rule.