SEC Rewrites Adviser Custody Rules for Crypto

This signals a regulatory pivot that could reshape the operational landscape for crypto advisers, moving from a restrictive framework toward one that may permit broader self-custody or alternative arrangements. The reference to a prior loss suggests the SEC is recalibrating its approach, likely to avoid another legal setback. The key question is how the final rule balances investor protection with the industry's push for greater autonomy, and whether this signals a broader cooling of enforcement pressure on digital assets.