SEC chairman weighs allowing advisers to self-custody crypto

U.S. SEC Chairman Paul Atkins has instructed staff to draft a rule that would allow investment advisers meeting certain conditions to directly custody cryptocurrencies held for clients and regulated funds, Bitcoin.com reported. Atkins said qualified third-party custodians still do not exist for some cryptocurrencies, and the SEC is also considering allowing adviser self-custody as well as recognizing state-chartered trust companies as custodians. The SEC had previously introduced related measures allowing state trust companies to serve as crypto custodians if they meet certain requirements.