SEC Advances Crypto Asset Custody Rules, Proposal Submitted to White House Office of Management and Budget for Review

Odaily News: Taylor Lindman, Chief Legal Counsel of the SEC's Crypto Task Force, stated that the SEC is advancing crypto asset custody rules, and the related proposal has been submitted to the White House Office of Management and Budget for review, covering investment companies and broker-dealers.

The rules aim to clarify that broker-dealers holding non-security crypto assets do not require special registration, and would allow investment advisers to place client assets with state-chartered trusts and other institutions. After the review is completed, the SEC will formally propose the rules and seek industry and public feedback.