Core conclusion: The U.S. SEC is restarting crypto asset custody rules, but this is not a “rule has been passed,” nor does it mean that institutional funds will be fully cleared for release right away. What really matters is that regulators are shifting from “which platforms cannot provide custody” to “how custody can be compliant.” If the final rules ultimately reduce compliance friction, the impact could run deeper than any one- or two-day price volatility.
A U.S. government regulatory information website shows that on August 25, the SEC submitted the (custody rule amendment) to the Office of Information and Regulatory Affairs (OIRA) under the Office of Management and Budget in the White House for review. The project has been listed as a proposed rule with “significant economic impact,” covering client assets held by investment advisers and funds, and explicitly including crypto assets. The publicly posted agenda currently lists a draft to be proposed in October, but there is no statutory deadline, and the full text has not been published yet.
Why is the market paying attention? Because in 2023, an old proposal attempted to restrict customers’ encrypted assets to a small group of “qualified custodians,” typically including chartered banks or trust companies, SEC-registered brokers, and futures commission merchants regulated by the CFTC. It also emphasized requirements such as asset segregation, bankruptcy remoteness, written agreements, and audits. The industry believed the scope was too broad and the costs too high, and the proposal was ultimately formally withdrawn in June 2025.
This time the wording is clearly different. The SEC’s public agenda not only mentions “modernization,” but also says it intends to remove outdated burdens that are no longer necessary as the market and custody practices evolve. So the new proposal will likely be more favorable than the old one, but “more favorable” doesn’t mean there are no conditions.
If the rules are ultimately clarified, the most direct beneficiaries will likely be licensed custody institutions that can provide asset segregation and bankruptcy protection, as well as funds, investment advisors, and wealth-management platforms that need compliant custody of tokens. For large trading platforms, whether they can enter the scope of qualified custodians will become a new competitive barrier. Meanwhile, whether ordinary exchange accounts, self-custody wallets, staking, and DeFi positions can be recognized still needs to wait for the official text.
So far, today’s market has not seen broad-based, across-the-board pricing. By the afternoon, BTC is around $78.7k, slightly down over the past 24 hours; ETH is about $2,488, up about 1%; BNB is about $704, up about 1%; and SOL is up roughly 4%. This indicates that capital is still rotating among sectors. Regulatory news is more of a mid-term infrastructure positive than an immediate short-term catalyst that lifts all coins.
Before the U.S. session, keep an eye on the U.S. Initial Jobless Claims to be released at 20:30 Beijing time. The market expects about 208k, down from the prior 206k. Previously hotter PCE data has already raised expectations for a September rate hike. If the dollar and U.S. Treasury yields strengthen further, they may weigh on high-volatility assets. Tomorrow, Fed Chair Warsh’s speech at Jackson Hole may also amplify market moves.
Going forward, focus on four points: the scope of qualified custodians, whether exchanges can participate, how staking and DeFi will be handled, and the standards for asset segregation and bankruptcy protection. The regulatory gates have indeed reopened, but for now it’s only reached the doorstep—it hasn’t yet been issued the pass.
Risk warning: Crypto assets and related policies may still change quickly. The above is for information and analysis only and does not constitute investment advice.