The U.S. Securities and Exchange Commission on Thursday proposed a new rule aimed at clarifying how investment advisers and regulated funds may hold and safeguard clients’ crypto assets. The proposal would set out requirements for custody itself while also addressing related compliance areas, including recordkeeping, federal disclosures, industry operating practices, and audit obligations. SEC Chair Paul Atkins said the current custody framework was built mainly for traditional assets, and that the new proposal is intended to provide a regulatory structure for crypto asset custody. The measure will be open for public comment for 60 days. It also contemplates, under certain conditions, allowing self-custody of crypto assets and permitting state-chartered trust institutions to serve as custodians. The update was reported by CoinDesk and cited by Odaily.
The U.S. Securities and Exchange Commission on Thursday proposed a new rule to clarify requirements for investment advisers and regulated funds that hold and safeguard clients’ crypto assets.
Proposal covers custody and compliance obligations
According to Odaily, citing CoinDesk, the proposal would also set standards for recordkeeping, federal disclosures, industry operating practices, and audit requirements.
SEC says current rules were built for traditional assets
SEC Chair Paul Atkins said the existing custody rules are aimed mainly at traditional assets, while the new proposal would provide a regulatory framework for crypto asset custody.
60-day public comment period
The proposal will be open for public comment for 60 days. Under certain conditions, it would also allow self-custody of crypto assets and the use of state-chartered trust institutions as custodians.
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