SEC Custody Rules in Practice for Institutional Holders: How US Institutions Are Navigating the New Safekeeping Landscape for Crypto Assets

In the books, SEC custody rules are supposed to protect client funds and securities. In practice, institutions are choosing among paths that range from traditional bank-like custody to regulated crypto-specific safekeeping—and a growing debate over whether self-custody can or should be permitted for crypto assets under an updated framework. The ongoing policy dialogue is not a tax or a hype cycle; it dictates how trillions of dollars in institutional capital may be stored, audited, and arm's-lengthed from risk. As regulators weigh modernization, the industry is already testing guardrails in real time. (sec.gov)

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