U.S. Crypto Rules Advance Across Trading, Clearing and Custody

U.S. regulators are advancing proposals, guidance and market measures across crypto fundraising, trading, clearing and custody, giving firms new paths to assess while several major rules remain subject to further steps.

The SEC’s Oct. 1 proposal would allow registered investment advisers and regulated funds to self-custody crypto in specified circumstances and permit state trust companies to serve as custodians, subject to conditions. Public comments are due 60 days after the proposal’s publication in the Federal Register.

The proposal is one of nine agency actions since Aug. 18, a tally spanning measures with different legal weight. The SEC’s Aug. 18 proposal would allow certain offerings of up to $5 million over four years and fundraising of up to $75 million in a 12-month period. Both remain proposed limits. A separate proposal issued Sept. 1 would update transfer-agent rules for electronic records, including blockchain-based recordkeeping.

Some measures have taken effect. On Sept. 17, the SEC adopted a temporary, conditional five-year exemption for certain venues trading tokenized U.S. stocks through permissioned automated market makers and liquidity pools. The exemption concerns tokenized stocks, not Bitcoin (BTC) trading. That day, Commodity Futures Trading Commission staff issued conditional no-action relief for qualifying passive software providers serving users of registered futures firms and markets. On Sept. 28, the CFTC registered Coinbase Clearing LLC to clear fully collateralized futures, options on futures and swaps.

Agency staff also issued guidance in September. CFTC staff updated crypto and blockchain FAQs on Sept. 24. SEC Corporation Finance staff released crypto FAQs on Sept. 25; the SEC says the FAQs reflect staff views and have no legal force or effect.

Other steps remain preliminary. A CFTC market-structure item entered White House review at the pre-rule stage on Sept. 17, and its public record does not disclose its substance. The Senate vote on a motion to proceed to the CLARITY Act was 49-50 on Sept. 15.

Digital-asset allocations rose to 1.2% of surveyed portfolios in August, the first increase since the sell-off began in October 2025. Regulation remained the top concern among respondents already invested in digital assets. The survey does not establish that the agency actions caused allocations to rise.