SEC Submits Crypto Custody Proposal to White House

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

The agency seeks to amend existing regulations under the Investment Advisers Act and Investment Company Act to 'improve and modernize' the custody of advisory client and fund assets, including crypto assets.

This move follows a recent meeting between President Trump, CFTC and SEC chairs, and crypto executives. The SEC has been working to provide regulatory clarity for the industry, which was previously marred by an 'enforcement-by-regulation' approach under the previous administration.