Bitcoin Jumps as SEC Plans New Crypto Rule for Investment Advisers

Bitcoin (BTC) price is up 0.57% to $85,108, slightly underperforming the broader market’s 0.77% rise, driven mainly by a modest macro-driven uptick across crypto assets.

The U.S. SEC plans to propose a new rule under the Investment Company Act of 1940 that would allow investment advisers to directly hold bitcoin and other digital assets when no qualified custodian is willing to custody them.

The SEC said that traditional custodians typically refuse to custody such assets, and the existing custody framework therefore has a compliance gap. The proposal will trigger a 60-day public comment period after publication in the Federal Register.

Crypto market data showed that total…