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The U.S. SEC is drafting rules on cryptocurrency custody and has submitted a related proposal to the White House Office of Management and Budget for review, Taylor Lindman, chief counsel for the SEC’s crypto task force, said at a CoinDesk policy and regulation event.
The proposal targets investment firms and securities brokerages. Lindman said the rule is intended to clarify how securities brokers can hold non-security crypto assets in the market without special registration and allow investment advisers to place client assets with state-chartered trust institutions and similar entities. If the proposal clears the White House OMB review, the SEC plans to formally release it and gather industry feedback.