The Securities and Exchange Commission (SEC) sent its proposal to the White House’s Office of Management and Budget (OMB) on Tuesday (Aug. 25) per a post on its website.

“This proposed rules and rule amendments would improve and modernize the regulations around custody of investment adviser client assets and fund assets, including to address crypto assets,” the SEC said. “Currently, investment advisers and investment companies have raised questions about how to hold crypto assets in compliance with the current commission custody requirements.”

The commission added that the rulemaking would clarify the framework…