TL;DR: The SEC has proposed a tailored custody framework for investment advisers and registered funds that handle crypto assets. The official source also identifies specific limits or future steps, so implementation and market impact should not be assumed.

The SEC has proposed a tailored custody framework for investment advisers and registered funds that handle crypto assets. For digital-asset markets, the important issue is less the announcement in isolation than the channel through which it could affect users, capital or network activity. The latest development deserves attention, but its relevance depends on the facts published by the organisation behind it and the work still required to make it matter.

What the primary announcement…