Here’s what happened in crypto today

Today in crypto, regulators sharpened their focus on digital assets as the SEC proposed easing crypto custody rules for investment advisers, New York and Wyoming agreed to coordinate oversight of crypto firms, and European regulators reportedly scrutinized Binance’s use of a MiCA exemption to continue serving some EU customers.

SEC moves to clear custody hurdle for advisers offering crypto 

The US securities regulator has proposed easing rules governing how investment advisers and funds hold crypto, potentially clearing a regulatory hurdle that has held some businesses back from offering clients digital asset investments. 

The proposal, published on Thursday, would let investment advisers hold clients’ crypto assets themselves when no eligible crypto custodian is available, with conditions. It would also allow state trust companies to serve as crypto custodians. 

“The crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace,” US Securities and Exchange Commission Chair Paul Atkins said in a statement. 

The proposal targets a practical barrier to crypto investment: investment advisers can struggle to find a qualified custodian for a particular token, limiting the investments they can offer clients.

The Digital Chamber has previously raised concerns about the lack of qualified crypto custodians. In a May 2025 submission to the SEC, the Digital Chamber said some advisers had declined token allocations or asked portfolio companies to retain them until custody became available. 

New York, Wyoming team up on crypto oversight

Regulators in New York and Wyoming have agreed to coordinate oversight of crypto companies operating across both states, including licensing reviews, examinations and enforcement actions.

The agreement between the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking will allow the regulators to share supervisory information and historical examination data. They also plan to coordinate examination schedules and could conduct joint reviews of firms operating in both jurisdictions.

Crypto companies already regulated in one state could also get a faster path to approval in the other. Firms that have held a license or charter for at least three years without facing enforcement action may qualify for an expedited review, with regulators targeting a decision within six months.

The pact also allows New York and Wyoming to share investigative information and coordinate potential enforcement actions.

The partnership brings together two states with markedly different approaches to crypto. New York has operated its stringent BitLicense regime since 2015, while Wyoming has pursued crypto-focused legislation and specialized banking charters designed to accommodate digital asset businesses.

Binance’s EU services face scrutiny over licensing exemption: Report

European regulators are reportedly scrutinizing Binance’s use of a legal exemption to continue serving customers in the EU without authorization under the bloc’s crypto rules.

The European Securities and Markets Authority (ESMA) and regulators in France, Germany and Greece are examining Binance’s use of reverse solicitation under the Markets in Crypto-Assets Regulation (MiCA), the Financial Times reported on Thursday.

Binance withdrew its Greek MiCA application in June and said it would seek authorization in another EU member state.

Binance told Cointelegraph on Sept. 18 that it continues pursuing MiCA authorization and remains committed to operating in Europe on a long-term compliant basis.

Binance is relying on reverse solicitation to continue serving some EU customers, the report said, citing a person familiar with the matter.

The exemption allows non-EU crypto asset service providers (CASPs) to serve customers who approach them entirely on their own initiative, but ESMA’s guidelines stress that companies cannot use it to circumvent MiCA requirements.