The US Securities and Exchange Commission (SEC) has sent a proposal to the White House’s Office of Management and Budget (OMB) to revise custody rules governing how investment advisers safeguard client assets, including crypto.
The proposal, known as “Amendments to the Custody Rules,” would update requirements for holding digital assets and give firms clearer guidance on protecting crypto kept for clients. The filing reached OMB on Aug. 25, showing the SEC is moving ahead with the rulemaking as Congress works on broader crypto legislation.
SEC Pushes Ahead Amid CLARITY Act Delay
The move comes as Congress delays action on the CLARITY Act, a broader crypto market-structure bill now scheduled for a Sept. 15 Senate vote after lawmakers failed to reach agreement before the August recess.
Related: Trump Escalates Canada Trade Fight as New Tariff Risks Hit U.S. Businesses
The delay hasn’t stopped the SEC or Commodity Futures Trading Commission from pursuing crypto rules under their existing authority. CFTC Chairman Michael Selig has said his agency will continue its rulemaking efforts even if Congress doesn’t pass the bill.
The SEC said the custody proposal would “clarify the framework for the custody of crypto assets” while maintaining investor protections and reducing unnecessary regulatory burdens.
More Crypto Rules Under Development
The regulatory push also comes alongside the SEC’s broader crypto agenda. On Aug. 18, the agency proposed Regulation Crypto Assets, creating tailored rules for certain crypto investment contracts.
The SEC had also scheduled a meeting on Aug. 14 to consider the framework but cancelled it without initially announcing a new date.
President Donald Trump has meanwhile urged Congress to pass the CLARITY Act as regulators continue developing crypto rules.
Related: Can NRIs Buy Crypto in India? What the Rules Actually Allow
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
