SEC just bypassed Congress and shipped a custody rule rewrite to the White House.

No public text yet. Supposed to update how advisers and funds can actually hold crypto for clients — basically scrapping legacy custody rules that were written before the internet.

Still needs OMB sign-off, SEC vote, public comment. Not finalized. But worth noting: the institutional plumbing is getting built while lawmakers are still debating what crypto even is.

Rails first. Permission later.