SEC October 1 new custody rules allow investment advisers and funds to place assets with state trust companies, and under certain conditions they can even self-custody. This week, Hester Peirce left the Crypto Working Group; before departing, she paved the compliance path that was the hardest to crack. For years, funds have been trying to hold crypto but kept hitting this custody hurdle—now there is finally at least a clear answer.

I’ve been watching this for a while. Custody has never been a technical issue; it’s a question of responsibility and accountability. Can state trust companies handle it? Who will define and draw the boundary for self-custody? These details haven’t been finalized yet. But the direction has been laid out, so advisers and funds no longer have to take detours. $BTC $ETH