On the Chain: Bitcoin steadies near US$78,000 as SEC crypto custody overhaul advances

Bitcoin has steadied around US$78,000 after this week's pullback. At the same time, a fresh US regulatory development has put institutional crypto adoption back in focus as the Securities and Exchange Commission moves ahead with an overhaul of digital asset custody rules.

At the latest check, Bitcoin was trading at about US$78,350, up around 0.2% over 24 hours, after retreating from above US$81,000 earlier in the week.

Ether was firmer at around US$2,467, up 1.2%, while Solana was broadly flat at US$96.65. XRP remained the weakest of the majors, falling about 5% to US$1.37.

SEC custody overhaul reaches White House

The biggest fresh regulatory development is coming from Washington, where the SEC's proposed rewrite of custody rules covering crypto assets has entered White House review.

The Amendments to the Custody Rules proposal was sent to the Office of Information and Regulatory Affairs on August 25, a step in the federal regulatory review process ahead of publication.

The planned changes are designed to modernise rules governing how investment advisers and investment companies hold client and fund assets, specifically addressing uncertainty around the custody of cryptocurrencies.

The SEC's regulatory filing describes the proposal as “economically significant” and “deregulatory”, with a proposed rule currently scheduled for publication in October 2026.