Recently, the SEC’s Chief Crypto Legal Adviser publicly outlined a compliance-path framework for custody of crypto assets. However, the binding force of this statement is far weaker than that of formal rules, and there are many details still to be clarified.

Key constraints and contrary evidence
The opinion only reflects a personal position and does not constitute an official SEC policy. It has no legal force and does not specify an implementation timeline. It may even be shelved due to internal disagreements within the SEC. At present, no custody institution has submitted a compliance application based on this framework. In the past six months, the SEC’s review of crypto custody has largely continued to rely on case-by-case rejections, with no sign of relaxation.

If, going forward, the SEC converts this framework into formal guidance, it would significantly reduce the compliance costs for institutions holding BTC and ETH. The validation conditions are that, within the next two quarters, the SEC publishes a formal notice and request for comments related to custody, or at least two leading compliance custody institutions announce the launch of corresponding credential-application processes.

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