Regulatory Developments: SEC Submits New Draft Crypto Custody Rules to the White House.
According to Bloomberg, on August 25 the SEC submitted to the Office of Management and Budget (OMB) a proposal to revise custody rules. The proposal aims to clarify the framework for digital assets held in custody by investment advisers and investment companies, and to remove certain outdated requirements that the market has viewed as obsolete. The OMB filing has labeled the proposal as a regulatory-relaxation category, with the direction of allowing institutions more flexible compliance and custody space.
The next steps include review by the White House, SEC commissioner voting, and at least 60 days of public comment. A week ago, the SEC also sought public input on rules for crypto-asset financing, and the regulatory framework is rapidly taking shape. $BTC $ETH # Regulator
According to Bloomberg, on August 25 the SEC submitted to the Office of Management and Budget (OMB) a proposal to revise custody rules. The proposal aims to clarify the framework for digital assets held in custody by investment advisers and investment companies, and to remove certain outdated requirements that the market has viewed as obsolete. The OMB filing has labeled the proposal as a regulatory-relaxation category, with the direction of allowing institutions more flexible compliance and custody space.
The next steps include review by the White House, SEC commissioner voting, and at least 60 days of public comment. A week ago, the SEC also sought public input on rules for crypto-asset financing, and the regulatory framework is rapidly taking shape. $BTC $ETH # Regulator
