In brief

• The SEC proposed a tailored framework for how registered investment advisers and regulated funds can custody crypto, seeking to clarify which arrangements satisfy the “qualified custodian” standard that has long kept firms hesitant to offer digital-asset strategies.
• The plan would permit self-custody under certain conditions, allow state trust companies to serve as custodians, and update audit and broker-dealer custodial rules.
• It’s the latest in the SEC’s post-Clarity Act build-out, alongside the innovation exemption and Regulation Crypto Assets.