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The SEC lets state-licensed trust companies hold crypto for funds, boosting clarity but sparking debate over investor safeguards.
The SEC has allowed state-authorized trust companies to serve as crypto custodians for investment funds and advisers, issuing a no-action letter to provide regulatory clarity.
The move permits these firms to hold digital assets under specific safeguards, including cold storage and asset segregation, while maintaining existing fiduciary and custody rules.
The decision, praised by Commissioner Peirce as reducing uncertainty, drew criticism from Commissioner Crenshaw, who warned it weakens investor protections by bypassing federal oversight.
The guidance reflects the SEC’s evolving approach to digital assets amid growing institutional adoption, though concerns remain over inconsistent custody standards and the need for formal rulemaking.
La SEC permite que las compañías fiduciarias con licencia estatal tengan cripto para fondos, aumentando la claridad pero provocando un debate sobre las salvaguardas para los inversores.