US sec proposes crypto custody rules after Senate bill stalled
The US Securities and Exchange Commission just dropped a proposal to modernize how investment advisers handle crypto.
The idea is to bring old custody rules up to speed with digital assets, making things clearer for funds and investors after a sweeping crypto market structure bill stalled in the Senate in September.
State trust companies allowed as custodians
If these rules go through, advisers could keep crypto themselves or use state trust companies as custodians, opening up more ways for funds to invest in digital assets.
SEC Chairman Paul Atkins said "existing regulations had failed to keep pace with the rapid expansion of digital assets" and "Today's proposal would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before."
The public gets 60 days to share their thoughts before anything is finalized.