On Oct. 1, 2026, the Securities and Exchange Commission proposed new rules and amendments under the Investment Advisers Act of 1940 and Investment Company Act of 1940 that would: (1) permit advisers and regulated funds to self-custody crypto assets in certain circumstances and subject to conditions; (2) permit advisers and regulated funds to maintain client or regulated fund crypto assets with a state trust company, subject to conditions; (3) modernize the custody rules to better address current industry practices and feedback, and implement certain conforming amendments; and (4) update the recordkeeping and disclosure requirements for advisers and regulated funds related to the proposed custody rules.
Proposed Rule: Investment Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
