SEC Advances New Crypto Custody Rules

The U.S. Securities and Exchange Commission (SEC) is moving forward with new crypto custody rules for investment firms and broker-dealers.

The proposal, currently under White House review, aims to clarify where these entities can keep crypto assets and how they can handle them.

This development comes after the CLARITY Act failed to advance in the Senate, which would have created a wider set of rules for the U.S. digital asset market.

The SEC's Crypto Task Force chief counsel, Taylor Lindman, stated that the proposal is meant to help existing financial firms understand how they can work with crypto under the current system.