SEC Submits New Crypto Custody Rule Proposal to the White House

The U.S. Securities and Exchange Commission (SEC) has submitted a proposal to the Office of Management and Budget (OMB) at the White House regarding new regulations for investment advisors holding client digital assets. The rule aims to clarify the framework for investment advisors and investment companies in the custody of crypto assets, responding to inquiries from institutions on how to comply with the custody of digital assets. It also plans to eliminate certain existing custody requirements that are considered outdated due to market evolution and current trading and custody practices. This proposal is seen as a step by financial regulators to advance the current administration's crypto agenda while related legislation remains stalled in the Senate. It will take effect after review by the OMB, a vote by SEC commissioners, and public comment.

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