The Securities and Exchange Commission has quietly reopened one of crypto’s oldest headaches: who exactly gets to hold digital assets on behalf of clients, and under what rules. On August 25, the agency sent its long-awaited proposal to rewrite the SEC crypto custody rules to the Office of Information and Regulatory Affairs, the White House office that vets economically significant regulations before they ever reach the public. It’s a technical, bureaucratic step. But for an industry that has spent years lobbying for clearer custody standards, it’s also the closest thing to real movement they’ve seen.

Key takeaways

• The SEC submitted proposed amendments to its Custody Rule to OIRA on August 25, following a White House meeting…