SEC Submits Proposal for New Rules to Modernize Crypto Custody

The United States Securities and Exchange Commission (SEC) has submitted a proposal for new rules to modernize crypto custody regulations. While a vote on the Crypto Clarity Act has stalled, the SEC regulators are pushing ahead with policy and updates to existing regulations.

In a rule change sent Tuesday, the regulator said it wanted to “improve and modernize the regulations” surrounding custody for the crypto space, and the new proposal aims to “clarify the framework for the custody of crypto assets” for investment advisers and companies. “This rulemaking would clarify the framework for the custody of crypto assets for investment advisers and investment companies, as well as make other modernizations needed to remove burdens from certain outdated provisions that are no longer needed to provide investor protection given the evolution in the markets and security trading and holding practices,” the proposal read.

… Continue reading the full article at the original source below.