Crypto
SEC Revamps Crypto Custody Rules Amid Congressional Delay
The US Securities and Exchange Commission (SEC) has submitted a proposal to revise custody rules for investment advisers, including those holding digital assets. The 'Amendments to the Custody Rules' aim to provide clearer guidance on safeguarding client crypto assets.
The SEC sent the proposal to the White House's Office of Management and Budget (OMB) on August 25. This move comes as Congress delays action on the CLARITY Act, a broader crypto market-structure bill scheduled for a Senate vote on September 15.
Despite Congressional inaction, the SEC is moving forward with rulemaking efforts under its existing authority. CFTC Chairman Michael Selig has also stated that his agency will continue pursuing crypto rules.