Atkins pushes custody rules through OIRA while the Senate stalls on CLARITY

The SEC has submitted a proposal to the White House to rewrite how investment advisers and funds hold crypto for clients.

The CLARITY market-structure bill is stalling in the Senate, but the SEC is progressing on regulation through its own rulemaking.

Selig will finalize CFTC rules with or without CLARITY

The rule, called “Amendments to the Custody Rules,” was sent to the Office of Information and Regulatory Affairs on August 25. OIRA is the White House Office of Management and Budget arm that reviews federal regulations before they are published.

The proposal is not yet public, and OMB can send back requested changes before it goes back to the SEC.

The commission would not vote on whether to open it up for public comment until then. In the agency’s own words, the effort would “clarify the framework for the custody of crypto assets for investment adviser and investment companies” and remove “outdated provisions” the SEC says no longer serve investor protection.

The SEC said advisers have asked how they can legally hold clients’ digital assets under current rules.

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