SEC sends crypto custody rule overhaul to White House for review

The US Securities and Exchange Commission (SEC) is moving forward with plans to overhaul custody rules for investment advisers and investment companies, potentially giving institutions greater clarity on how they can hold crypto assets for clients while complying with federal securities rules.The proposed rule was sent on Aug. 25 to the Office of Information and Regulatory Affairs (OIRA), part of the White House Office of Management and Budget, for review before it can move back to the SEC and potentially be released for public comment.SEC submits “Amendments to the Custody Rules” to OIRA. Source: Reginfo.govAccording to the SEC’s regulatory agenda, the agency is considering changing existing rules or introducing new ones under the Investment Advisers Act and Investment Company Act. The changes would cover how investment advisers and funds hold client assets, including crypto.The regulator said the changes are intended to clear up uncertainty around how companies can hold crypto for clients while staying within its rules. The proposal has not yet been made public, and the White House Office of Management and Budget can request changes before sending it back to the SEC. The commissi...