In the dim corridors where the glare of screens gnaws at the nerves, the federal machine coughs and rattles a letter across the table. A rare no-action note, thin as a winter coat, says to advisers: you may trust state-chartered trust companies to guard digital assets, counting them as qualified custodians. It is not a revolution, but a stubborn door nudged open-enough to make the workers blink and grin, then return to the grind with a joke on their lips: nothing changes, and everything trembles. 💼😅
For years the path was blocked, a road paved with fear and hissed warnings. Advisers stood ankle-deep in mud, unsure if state trusts could cradle crypto; many skipped them, fearing penalties that might drop like anvils. Now the SEC speaks in plain ink: these firms can serve as custodians, provided safeguards stand firm and advisers keep clients’ assets properly protected. The system moves, albeit with the patience of a tired mule and the irony of fortune. 🐴🔐
More clarity for advisers and fund managers
The letter followed a request from Simpson Thacher & Bartlett, who asked whether venture capital and other advisers could lean on state trust firms to hold crypto for registered institutions. The answer is yes, so long as advisers attest it serves the clients’ best interest and fund managers rigorously review the procedures for securing digital assets before selecting custodians. A small procedural mercy, delivered with the gravity of a oath. 🤝💾
Commissioner Hester Peirce praised the move, calling it a relief from the guessing game that haunted advisers. It covers both client-held crypto and tokenized securities, she noted, and she urged a modernization of custody requirements through principles-based rules that fit the market today-like a clockwork that finally agrees with the minutes it keeps. 😌🕰️
Industry reactions
Industry voices greet the development with a shrug and a smile. Bloomberg ETF analyst James Seyffart calls it “a textbook example of more clarity for the digital asset space.” Wyoming Senator Cynthia Lummis adds that the SEC has finally recognized the rigor of Wyoming’s state trust framework, which first carved relief in 2020 and kept its nerve while others doubted. 💬🏛️
Encouraged to see the SEC recognizing state-chartered trust companies as qualified digital asset custodians. WY paved the way in 2020 by issuing landmark no-action relief, and was criticized by SEC staff. They finally recognized the rigor & value of WY’s digital asset supervision.
– Senator Cynthia Lummis (@SenLummis) September 30, 2025
Brian Daly, head of the Division of Investment Management, framed the development as an interim step. “This additional clarity was needed,” he said, hinting that full rule-making may follow as custody laws evolve. A cautious beacon in the fog, nothing more, nothing less. 🧭⚖️
The SEC’s move today lets crypto advisers keep assets with more trusted firms. It clears long-standing doubts and suggests regulators are inching toward the tempo of digital assets, even if the drum remains a bit late and stubborn. 🪙🏗️
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2025-10-01 11:18