SEC Sends Crypto Custody Rule Overhaul to White House for Review

The U.S. Securities and Exchange Commission (SEC) has sent its proposed overhaul of crypto custody rules to the White House for review.

The proposal would clarify how investment advisers and investment companies can hold crypto assets for clients, while removing some existing requirements that are considered outdated under current market practices.

The full proposal will become public after White House review and an SEC commission vote. The White House Office of Management and Budget received the proposal on Aug. 25, placing it under executive review before the SEC can release the full text and seek a commission vote.