The U.S. Securities and Exchange Commission (SEC) on Friday released its Cryptocurrency Wallet and Custody Investor Bulletin, outlining best practices and common risks associated with various forms of cryptocurrency storage for investors.

SEC bulletin lists the benefits and risks of different methods of storing cryptocurrencies, including self-custody versus allowing a third party to hold digital assets on behalf of the investor.

If investors choose third-party custody, they should understand the custodian’s policies, including whether it “relies” on the held assets by lending them out, or whether the service provider pools client assets into a single pool rather than holding the cryptocurrency in separate client accounts.

The types of crypto wallets are also described in the SEC’s guide, which discusses the advantages and disadvantages of internet-connected warm wallets and offline storage in chilly wallets.

According to the SEC, warm wallets carry the risk of hacks and other cybersecurity threats, while chilly wallets carry the risk of lasting loss in the event of offline storage failure, storage device theft or private keys being compromised.

The SEC’s cryptocurrency guide highlights sweeping regulatory changes at an agency that has been hostile to digital assets and the crypto industry under the leadership of former SEC Chairman Gary Gensler.

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The crypto community is celebrating the SEC’s guide as a transformational change for the agency

“The same agency that spent years trying to kill the industry is now teaching people how to use it” – Truth For the Commoner (TFTC) he said in response to the SEC’s Cryptocurrency Custody Guide.

SEC provides ‘tremendous value’ to cryptocurrency investors by educating potential cryptocurrency holders about deposit and best practices, According to Jake Claver, CEO of Digital Ascension Group, a family office services company.

SEC regulators released the guide a day after SEC Chairman Paul Atkins he said that the current financial system is moving to the chain.

On Thursday, the SEC gave the green delicate to Depository Trust and Clearing Corporation (DTCC), a clearing and settlement company, to begin tokenizing financial assets including stocks, ETFs and government debt securities.

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