SEC just proposed the first real custody framework for investment advisers and regulated funds.

It opens self-custody under strict conditions and lets state trust companies hold crypto when no qualified custodian is available.

This closes the multi-year gap that forced most funds to stay on the sidelines or use workarounds.

Comments run until early December, so the final rules could still shift.

Does this actually unlock the next wave of fund allocations, or is it still too narrow to move real size?

#CryptoRegulation #InstitutionalAdoption