SEC Nears New Crypto Custody Rule for Broker-Dealers, Investment Advisers

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The U.S. Securities and Exchange Commission is preparing to unveil a new rule to clarify crypto-asset custody standards for broker-dealers and investment advisers.

Taylor Lindemann, senior adviser to the SEC’s crypto task force, told a policy and regulatory event in Washington on September 22 that the proposed custody rule is under White House review, CoinDesk reported.

The proposal is aimed at clarifying how broker-dealers can hold non-security crypto assets without separate special registration. It would also define the range of institutions that investment advisers may use to lawfully custody client assets. That includes state-chartered trust companies.