SEC don approve custody through state trusts for crypto, dem allow make DePIN no need follow

U.S SEC Division of Investment Management don issue no-action letter wey allow registered investment advisers make dem fit use state-chartered trust companies for crypto custody. Under interim relief, advisers go need do due diligence, put strong asset-protection procedures for place and document oversight to secure private keys. The guidance clear custody standards under the Investment Advisers Act and Investment Company Act. E follow request from Simpson Thacher & Bartlett and e tally with SEC custody rule review. SEC also talk say e no go enforce action against tokens wey relate to Decentralized Physical Infrastructure Networks (DePIN). This move expand digital asset custody options and show say formal rule updates go soon come. Advisers suppose check their policies well and prepare for amendments as the agency dey modernize im crypto custody framework.