SEC Submits New Crypto Custody Rules to White House for Review

The U.S. Securities and Exchange Commission (SEC) has submitted a proposed rule regarding crypto asset custody to the Office of Management and Budget (OMB) for review. As part of SEC Chair Paul Atkins' initiative to modernize regulations under President Trump's Executive Order 14192, the proposal aims to clarify how investment advisers and firms handle client crypto assets while removing outdated provisions. The SEC plans to formally propose the rule and open a 60-day public comment period in October.