New SEC crypto rules threaten small advisers, but big firms win

Key points

• CryptoSlate reports the SEC's Oct. 1 proposal would let advisers self-custody covered client crypto assets when no eligible qualified custodian is available, subject to safeguards.
• The agency's Table 8 models $433,833 in annual adviser costs, including a $376,000 independent control report, excluding some technology expenses the SEC expects to be high.
• The SEC's economic analysis says smaller advisers may decline self-custody, while larger firms could spread costs across clients, assets or affiliated businesses.

AI summary of CryptoSlate’s report, written only from the publisher’s text. Read the original for full context.