A proposal from the U.S.
Securities and Exchange Commission to change its rules governing how investment advisers hold digital assets was sent this week to the White House for review.
According to its website, the Office of Information and Regulatory Affairs, a division of the Office of Management and Budget that reviews federal regulations before publication, is reviewing changes to the SEC’s custody rules.
The SEC said it received questions from investment advisers about how they can hold crypto assets for clients while complying with its requirements.
"This rulemaking would clarify the framework for the custody of crypto assets for investment adviser and investment companies, as well as make other modernizations needed to remove burdens from certain outdated provisions that are no longer needed to provide investor protection given the evolution in the markets and security trading and holding practices," the SEC said.
