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SEC submits proposal to modernize crypto custody rules
The SEC said its custody rule changes are intended to clarify how investment advisers can hold client crypto while reducing burdens tied to outdated provisions.
The U.S. Securities and Exchange Commission has sent a proposal to the White House for review that would update rules governing how investment advisers hold digital assets, according to The Block.
The Block reports that the Office of Information and Regulatory Affairs, a division of the Office of Management and Budget that reviews federal regulations before publication, is assessing the SEC custody rule changes.
In its proposal, the SEC said it received questions from investment advisers about how they can hold crypto for clients while complying with existing requirements, and it described the rulemaking as clarifying the custody framework for investment adviser and investment companies.
The SEC also said the updates would modernize parts of the rules to remove burdens from provisions it views as outdated in light of market and security trading and holding practices, while continuing broader digital asset regulatory work, Bitcoin Magazine notes.
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