SEC Moves to Revamp Crypto Custody Rules as Congress Stalls Bill
The US Securities and Exchange Commission (SEC) has sent a proposal to the White House’s Office of Management and Budget (OMB) to revise custody rules governing how investment advisers safeguard client assets, including crypto.
The proposal, known as “Amendments to the Custody Rules,” would update requirements for holding digital assets and give firms clearer guidance on protecting crypto kept for clients. The filing reached OMB on Aug. 25, showing the SEC is moving ahead with the rulemaking as Congress works on broader crypto legislation.
SEC Pushes Ahead Amid CLARITY Act Delay
The move comes as Congress delays action on the CLARITY Act, a broader crypto market-structure bill now scheduled for a Sept. 15 Senate vote after lawmakers failed to reach agreement before the August recess.
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