SEC Hands Proposed Crypto Custody Rules to the White House
Proposed SEC rules dictating how investment advisers store your digital assets have landed at the White House for review.
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Key takeaways
- The SEC submitted proposed crypto custody rules to the White House this week.
- The rules focus on how registered investment advisers hold digital assets.
- White House review signals the SEC is approaching the final phase of the rulemaking process.
The SEC shoved its proposed crypto custody rules over to the White House this week. It's a massive step toward settling the messy question of how investment advisers are actually allowed to store digital assets for their clients.
Closing in on Final Rules
This regulatory push zeroes in on registered investment advisers. Crypto custody requirements have been a murky disaster for years, creating constant friction for institutional funds attempting to stay compliant while offering exposure to digital assets.
Sending a proposal to the White House for review is standard procedure when an agency nears the finish line of its rulemaking process. Once that review wraps up, the agency can push forward to issue a final rule.
Why it matters
If you invest in crypto through an adviser or an institutional fund, these rules dictate who gets to hold the private keys to your assets. Tighter custody standards are meant to shield your money from mismanagement and fraud. But there's a catch: brutal compliance costs could skyrocket, potentially forcing smaller wealth managers to scrap their crypto products entirely.
Source: The Block
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