SEC Advances Crypto Custody Rule Proposal to White House Review

The U.S. Securities and Exchange Commission (SEC) has submitted its proposed rule on crypto custody by investment advisers to the White House for review.

The proposal, which would clarify how investment advisers and investment companies can custody crypto assets for clients while removing some outdated requirements, was sent to the Office of Management and Budget (OMB) on August 25.

The SEC said the rule would establish a clearer framework for advisers and investment companies holding digital assets on behalf of clients, addressing questions about how existing custody requirements apply to crypto assets.