U.S. SEC Submits New Crypto Asset Custody Rule Proposal to White House

According to Bloomberg, the U.S. Securities and Exchange Commission submitted a new proposal to the White House Office of Management and Budget on August 25, proposing a new custody regulatory framework for investment advisers and investment companies holding clients’ digital assets. The proposal aims to clarify regulatory requirements for crypto asset custody and repeal certain existing custody rules deemed misaligned with current market practices.