What happened
- Specific facts/numbers: The SEC’s “Amendments to the Custody Rules” appears in the 2026 Unified Agenda as RIN 3235-AN46, is classified as “Economically Significant,” and lists an NPRM target of October 2026; the rulemaking says advisers and investment companies have raised questions about holding crypto assets under current custody requirements.
- Institutions involved: The main institutions named are the U.S. Securities and Exchange Commission, the Office of Management and Budget’s Office of Information and Regulatory Affairs, registered investment advisers, and investment companies.
- Regulatory/technical context: The SEC says it is considering amendments to existing rules and/or new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to modernize custody rules, clarify the framework for crypto-asset custody, and remove outdated provisions no longer needed for investor protection.
- What to watch next: The next identifiable milestone is whether the SEC publishes a formal notice of proposed rulemaking in October 2026, as indicated in the Unified Agenda; beyond that, no further milestone was identified in the material reviewed.
Why it matters
Clearer SEC custody rules could materially affect how U.S. advisers and funds structure digital-asset safekeeping, which in turn influences institutional participation in tokenized and crypto markets.
HKMA Relevance
Indirect: U.S. custody standards for digital assets can influence global institutional practices and cross-border firms active in Hong Kong, but the story is about U.S. SEC rulemaking rather than HKMA action.