The U.S. Securities and Exchange Commission (SEC) has submitted a proposal to the White House aimed at providing a “clarifying framework” for the custody of crypto assets held by investment advisors and companies. The rule change was submitted on Tuesday, with the SEC stating its desire to “improve and modernize” the regulatory framework surrounding crypto asset custody.

The proposal was made after the vote on the Clarity Act was postponed. Previously, pro-crypto lawmakers hoped to pass the bill before Congress’s August recess, but the vote was delayed until September. SEC Chairman Paul Atkins stated that he is “committed to supporting Congress in advancing” the bill.

Additionally, earlier this month, the SEC also proposed its own framework allowing token issuers to raise funds in the U.S. without violating securities laws. Since President Trump took office, regulators have taken a markedly different approach to the digital asset space.