An important step has been taken by the US Securities and Exchange Commission (SEC) regarding cryptocurrency storage. The SEC has issued a no-action letter stating that investment advisors can use state-chartered trust companies as “qualified custodians” for crypto assets. Under the Investment Advisers Act of 1940, investors' assets must be held in qualified custodians, such as banks or nationally chartered trust companies. The new guidance clarifies that state-licensed trust companies are also covered, giving investment advisors and registered funds a wider range of options for crypto asset storage.