TREE NEWS update: The SEC has advanced its crypto asset custody rule, sending the proposal to the White House Office of Management and Budget for review, according to the agency’s crypto working group chief legal counsel Taylor Lindman. The rule would clarify that broker-dealers holding non-security crypto assets need no special registration and would let investment advisers place client assets with state-chartered trusts. After review, the SEC will formally propose the rule and seek public comment.
SEC Crypto Custody Rule Proposal Sent to White House OMB for Review
AI take
The OMB review is the quiet gate that decides how quickly the SEC's custody framework becomes a live question rather than a talking point. Two carve-outs matter most: relief for broker-dealers holding non-security crypto, and access to state-chartered trusts for advisers — both touch the plumbing that institutional clients rely on. How the public comment period shapes those provisions, and whether the SEC keeps them intact when it formally proposes, is the open question.
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