If in doubt, turn off the seacock at the thru-hull, and remove the handle - that's acceptable everywhere in the U.S. You can also use a chain and padlock or non-releasable wire-tie to "secure" the seacock. The whole idea is to make it be a fair amount of work to disable it, or to return it to operation. That way, if you're about to be boarded, you can't just reach down through a hatch and turn the seacock to the "correct" position. That's not acceptable; it's gotta be secured.
Turning a "Y" valve to holding tank only, and securing the handle in that position via a lock or a wire-tie is accepted by many - but not all - boarding officers. If you turn off, and secure the seacock, that's acceptable to all boarding officers.