SEC Proposes Crypto Custody Overhaul for Investment Advisers

The U.S. Securities and Exchange Commission (SEC) has taken another step towards clearer rules for investment advisers holding digital assets by submitting its proposed crypto custody overhaul to the White House for review.

On August 25, the proposal titled 'Amendments to the Custody Rules' reached the Office of Management and Budget (OMB), which classifies it as economically significant. This means the measure could have an annual economic impact of at least $100 million.

The SEC's regulatory agenda specifically references crypto assets and targets October for publication of a formal proposal, allowing investors, advisers, crypto companies, and other stakeholders to submit public comments.