La SEC propose des règles sur la conservation des cryptos permettant aux conseillers de détenir eux-mêmes les actifs et d’utiliser des fiducies d’État

CryptoPress · 2026-10-02T09:37:07.000Z

La SEC, le 1er octobre, a proposé des règles en vertu de l’Investment Advisers Act de 1940 et de l’Investment Company Act de 1940 concernant la manière dont les conseillers enregistrés et les fonds réglementés conservent des cryptomonnaies.Le plan autoriserait la conservation en propre lorsqu’aucun dépositaire qualifié n’est disponible et permettrait aux sociétés de fiducie d’État de détenir les cryptos du client et du fonds, sous réserve de conditions.La période de commentaires publics dure 60 jours après la publication de la note de proposition au Federal Register.La Securities and Exchange Commission américaine, jeudi, a proposé de nouvelles règles et des amendements qui offriraient aux conseillers en investissement enregistrés et aux fonds réglementés une voie dédiée pour la conservation d’actifs cryptographiques, y compris une conservation limitée en propre et le recours à des sociétés de fiducie d’État.

The SEC on Oct. 1 proposed rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 for how registered advisers and regulated funds custody crypto.
The plan would permit self-custody when no qualified custodian is available and would allow state trust companies to hold client and fund crypto, subject to conditions.
The public comment period runs 60 days after the proposing release is published in the Federal Register.
The U.S. Securities and Exchange Commission on Thursday proposed new rules and amendments that would give registered investment advisers and regulated funds a dedicated path to custody crypto assets, including limited self-custody and the use of state trust companies.
In its press release, the agency said the package would modernize custody rules and expand investor choice by removing barriers that inhibit advisers from providing crypto-related advice. It would also let regulated funds — registered investment companies and business development companies — offer a wider range of crypto asset strategies. The proposal sits under the Investment Advisers Act of 1940 and the Investment Company Act of 1940.
Chair Paul Atkins said that since Bitcoin’s 2008 launch the market “has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure,” while “our rules and regulations have not kept pace.” In his statement, Atkins said the proposal would provide “a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before — and replacing the grey of uncertainty created by custody rules crafted for a bygone era.”
The Commission said the rules would permit crypto assets to be held in self-custody under certain circumstances and allow state trust companies to serve as custodians for client and regulated-fund crypto. Commissioner Mark Uyeda, in a separate statement, said self-custody may be the only option for novel assets when no qualified custodian is willing or able to hold them, while warning that it creates “an inherent conflict of interest.” An adviser’s fiduciary duty would still apply. Guardrails he listed include safeguarding expertise, cybersecurity protections, annual reviews, internal reporting, account statements, and disclosures to clients.
Conditions drawn from the release are more specific. Advisers would have to establish that no permitted custodian is available for each asset and reassess that determination quarterly; if a custodian later becomes available, the assets would need to be transferred “as soon as reasonably practicable.” Transfers of self-custodied crypto would require approval from at least two authorized individuals, and each client’s holdings would have to be segregated, according to a summary of the proposal. Regulated funds could keep crypto in self-custody with their adviser only if those requirements are met and the fund’s board oversees the arrangement.
Using a state trust company would carry separate conditions: authorization by the relevant state authority to provide crypto custody, reasonable procedures against loss, theft, or misappropriation, audited financial statements and internal-control reports, and segregation of client assets from the company’s own. The package would also update financial-statement audit requirements for advisers and broker-dealer custodial services for funds. Uyeda said it would exclude authorized discretionary trading from the Advisers Act custody rule if executions are limited to designated client accounts and transfers to adviser-controlled accounts are prohibited.
CoinDesk reported that the proposing release runs 760 pages and that the SEC is using “self-custody” to mean an asset manager holding client assets, not the retail practice of investors controlling their own keys. The outlet also reported that Commissioner Hester Peirce, who has led the Crypto Task Force, is leaving this week to become a professor in Virginia, after which the Commission would have two members. Thursday’s proposal follows last month’s Innovation Exemption and August’s Regulation Crypto releases.
The public comment period will remain open for 60 days after the proposing release is published in the Federal Register, the SEC said. The measure is a proposal, not a final rule, so advisers and funds cannot rely on it until the Commission adopts a final version.