SEC resurrecting U.S. crypto custody rule the previous administration failed to land

The SEC is revisiting the custody approach it pursued in 2023, when the regulator sought to narrowly restrict the venues investment advisers could use to hold clients’ crypto assets. That earlier effort did not land under the previous administration, and the new approach remains largely undisclosed, according to CoinDesk on August 26, 2026.

The rule would connect investment advisers, crypto custodians and the venues that hold client assets. Its practical impact would depend on whether the SEC repeats the earlier framework, changes the eligible-custodian requirements or expands the assets and firms covered.

No proposed text, implementation schedule or named affected companies was provided in the report. The next concrete signals are the SEC’s formal release, the details of any public comment process and reactions from advisers and custody providers.