U.S. SEC Commissioner Mark T. Uyeda has proposed a shift in approach to crypto asset custody, suggesting that state-chartered trust companies could be considered as qualified custodians. This comes after Uyeda’s recent address at a roundtable discussing the topic of crypto asset custody, where he highlighted existing federal regulations that permit national banks to act as trustees for crypto assets. Uyeda further proposed that the SEC consider expanding this precedent by recognizing state-chartered trust companies as qualified custodians. In addition, he suggested modifying the ‘special purpose broker-dealer’ framework. This could involve providing interim guidance on how firms can custody non-security crypto assets, crypto asset securities, and traditional securities while meeting capital and customer protection rules. These guidelines could eventually be incorporated into existing regulatory frameworks.