SEC Seeks Broad Overhaul of Crypto Custody Rules

The U.S. Securities and Exchange Commission is pursuing a plan to modernize cryptocurrency custody rules that apply to investment advisers and asset managers.
The SEC aims to clarify the regulatory framework and custody standards for investment firms that hold clients' cryptocurrency, while updating outdated provisions that are not necessary for investor protection to reduce the industry's regulatory burden.
The overhaul is part of SEC Chair Paul Atkins's broader effort to modernize financial regulation. The specific revisions have not been disclosed, and the proposal could still be revised after review by the Office of Management and Budget.

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The U.S. Securities and Exchange Commission is moving to modernize cryptocurrency custody rules for investment advisers, asset managers and other firms.

Bloomberg reported on August 26 that the SEC submitted a proposal to the White House Office of Management and Budget on August 25 to revamp the regulatory framework for investment firms that hold clients' cryptocurrency.

The core of the proposal is to clarify the standards that apply when investment advisers and other firms hold cryptocurrency for clients or funds.

SEC Seeks Broad Overhaul of Crypto Custody Rules

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