U.S. SEC Submits New Crypto Custody Rule Draft to the White House

Odaily News: The U.S. Securities and Exchange Commission (SEC) has submitted a new rule proposal to the White House Office of Management and Budget (OMB) regarding investment advisers' custody of client digital assets. The rule aims to establish a framework for how investment advisers and investment companies custody crypto assets, and plans to remove certain existing custody requirements that have become outdated due to market evolution and current trading and custody practices. The proposal will take effect only after undergoing OMB review, an SEC commissioner vote, and a public comment period.