SEC Moves Crypto Custody Rule Overhaul to White House Review
- SEC custody overhaul reaches White House review, advancing the rulemaking process.
- Proposed changes could modernize digital asset custody rules for investment advisers.
- Final provisions remain unclear until the SEC publishes the proposal for public review.
The U.S. Securities and Exchange Commission has advanced a proposed crypto custody overhaul to White House regulatory review. The move could reshape how investment advisers and registered funds hold digital assets.
SEC Advances Crypto Custody Rule Changes
The SEC submitted its proposed custody rule changes to the Office of Management and Budget on August 25. The Office of Information and Regulatory Affairs, within OMB, is now reviewing the proposal.
The agency said investment advisers have raised questions about holding crypto assets while meeting existing custody requirements. Therefore, the proposed changes seek to clarify how firms can safeguard digital assets for clients.
The overhaul would cover investment advisers and investment companies under existing federal securities rules. It would also remove certain requirements that regulators consider outdated amid changing market practices.
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