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The SEC’s Division of Investment Management said it does not plan to take enforcement action against registered advisers or regulated funds that use state-chartered trusts as custodians for crypto assets, provided the trust meets banking authority oversight and written custody controls. This opens custody options beyond banks for crypto funds.
State-chartered trusts can serve as qualified custodians for crypto when authorized and properly governed.
Advisers must verify regulatory authorization, segregation of assets, and written private key controls.
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Bloomberg analyst praise and SEC language suggest broader industry adoption potential; official SEC letter remains non-binding.
Meta description: SEC guidance on state-chartered trust custody opens new custodian options for crypto funds—learn what advisers must verify to use these trusts today.
What does the SEC letter say about state-chartered trust custody for crypto?
SEC guidance on crypto custody states the Division of Investment Management will not recommend enforcement action against Registered Advisers or Regulated Funds that treat a state-chartered trust as a “bank” for placement and maintenance of crypto assets, provided the trust is authorized by banking authorities and maintains written policies for custody and private key management.
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How must advisers verify a state trust to use it as a qualified custodian?
Advisers must confirm the state trust is authorized by the relevant banking regulator to provide crypto custody services. They should review written policies on private key management, segregation of client assets, and contractual guarantees that the trust will not lend or use client funds without consent.
The SEC letter is an interpretive response and does not create binding law. The memorandum clarifies enforcement priorities but leaves the ultimate legal standards of the Investment Advisers Act of 1940 intact.
Why does this matter for crypto firms and custodians?
Opening custody to state-chartered trusts could broaden the pool of qualified custodians beyond national banks. That potentially allows affiliates of crypto-native firms and specialized trust companies to custody assets for registered products when they meet oversight and policy requirements.
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What conditions did the SEC emphasize in the letter?
The SEC emphasized that custodial agreements must ensure segregation of crypto assets, explicit limits on use of funds, documented private key controls, and that the adviser determines the trust arrangement serves client interests. The agency reiterated the letter has “no legal force or effect.”
Frequently Asked Questions
What do industry observers say?
Bloomberg ETF analyst James Seyffart praised the letter as added clarity for the digital asset space. Industry commentary from major crypto firms such as Coinbase and Ripple (plain text mentions) indicates the guidance could increase custodial competition.
Key Takeaways
- Regulatory clarity: The SEC letter signals tolerance for state-chartered trust custody when safeguards are present.
- Adviser responsibility: Registered Advisers must verify authorization, policies, and contractual protections.
- Non-binding guidance: The letter is interpretive and does not change statutory legal obligations; due diligence remains essential.
Conclusion
The SEC’s interpretive letter provides practical guidance on using state-chartered trusts as custodians for crypto assets and may expand custodian options if trusts meet oversight and custody standards. Advisers should document their due diligence and ensure contractual protections; market adoption will depend on state authorization and robust custody controls.
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