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FollowingThe U.S. Securities and Exchange Commission (SEC) is advancing a comprehensive reform plan of investment advisers and investment company custody rules, which may provide clearer guidance for financial institutions on how to hold crypto assets for clients while complying with federal securities rules. The proposed rule was submitted to the Office of Information and Regulatory Affairs (OIRA) of the White House Office of Management and Budget for review on August 25 and will subsequently be returned to the SEC for possible public comment.
The SEC submits a "custodian rule amendment" to the OIRA
Based on the SEC's regulatory agenda, the agency is considering amending existing rules or creating new rules under the Investment Advisers Act and the Investment Company Act. These adjustments will cover how investment advisers and funds hold client assets, including cryptocurrencies. Regulators said the revision aims to clarify the many uncertainties that exist when companies hold crypto assets for customers while complying with current rules. The proposal has not yet been made public, and the White House Office of Management and Budget can request changes before sending it back to the SEC, which will then vote on whether to make it public for comment.
According to Bloomberg, the proposed rule is part of a broader move by the U.S. Securities and Exchange Commission to promote the Trump administration's digital asset agenda, and the CLARITY Market Structure Act is still pending in the Senate. The bill is expected to be voted on in closing debate after lawmakers recess in September.
SEC shifts from encryption enforcement to rule-making
Since Paul Atkins became chairman in 2025, the SEC has taken a more pro-cryptocurrency stance, shifting its focus from enforcement actions to developing clearer rules for the industry. Atkins vowed to end the agency's previous practice of "regulation through law enforcement" and noted that policy development should occur through a formal rule-making process. This change is also reflected at the law enforcement level. In 2025, the SEC dropped several cases against multiple large cryptocurrency companies, including a lawsuit against Coinbase, in an effort to reshape the way it regulates digital assets.
