SEC Proposes Amendments to Crypto Asset Custody Rules
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The SEC has submitted a new proposal to the White House that would redefine how investment advisers and funds hold digital assets for clients — a signal that regulators are bypassing stalled legislation to push crypto reform through administrative action.
What problem is this proposal trying to solve?
Under current rules, investment advisers and funds lack clear guidance on how to hold digital assets for clients without breaching regulations. This means → compliance ambiguity itself has been keeping traditional finance out of crypto custody.
The proposal aims to define a clear custody framework for crypto assets and scrap certain existing requirements the SEC considers "outdated" given how markets have evolved.
In plain terms = the rules would shift from "figure out compliance yourself" to "here is how to do it."
Where does the proposal stand right now?
The SEC submitted the proposal to the White House Office of Management and Budget (OMB) on August 25; the text may still be revised during review.
Once OMB review is complete, a commission of three Republican commissioners will vote on the proposal and release it publicly.
After that, a public comment period of at least 60 days will follow. The SEC will then revise and finalize the rule — which must pass another commission vote before taking effect.
Why the administrative route instead of waiting for Congress?
Legislation on crypto market structure remains stalled in the U.S. Senate, with no clear timeline.
This reflects a regulatory judgment: rather than wait for congressional consensus, the agency is using its own rulemaking tools to advance what it can.
This means → the real test of this reform's substance is how much of the proposal survives public comment and commission deliberation — that is the checkpoint to watch.
Who is driving this?
The proposal is part of SEC Chair Paul Atkins's push to modernize the regulatory framework, and the latest step in the Trump administration's crypto-regulation agenda.
In plain terms = the current SEC leadership's stance on crypto is "update the rules, lower the barriers" — a marked shift from the prior administration's enforce-first, case-by-case approach.
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