A Look At SEC Guidance on State-Chartered Trust Companies as Crypto Custodians

The U.S. Securities and Exchange Commission (SEC) has effectively allowed state-chartered trust companies often referred to as “state trusts” to serve as qualified custodians for cryptocurrency assets held by registered investment advisers (RIAs) and regulated funds. This comes via a no-action letter issued on September 30, 2025, by the SEC’s Division of Investment Management. The

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