The SEC Division of Investment Management issued a no-action letter providing that it would not recommend enforcement action under the Advisers Act Rule 204(6)-2 (custody rule) or Section 17 of the ICA against investment advisers that treat a State Trust Company as a “bank” that is permitted to custody crypto assets or cash equivalents necessary to effect transactions in crypto assets.
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SEC No-Action Letter Allows State Trust Companies to Provide Crypto Asset Custody Services
