The U.S. Securities and Exchange Commission (SEC) proposed new rules on Oct. 1, aimed at making it clearer how investment advisers and regulated funds can hold crypto assets for clients.

The proposal would create a tailored custody framework for registered investment advisers, investment companies and business development companies.

It would also allow crypto to be held through state trust companies and, in some cases, through self-custody arrangements.

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If adopted, the proposal could make it easier for investment advisers and regulated funds to hold crypto on behalf of clients instead of relying on rules written…