SEC Crypto Task Force Chief Counsel Taylor Lindman sketched a two-track custody plan on Tuesday: one piece would let broker-dealers carry non-security crypto assets without a special registration, the other would clarify for investment advisers where they can park client assets, including at a state-chartered trust. The proposal covers both investment firms and broker-dealers and now sits under White House review.

Lindman spoke at the CoinDesk Policy & Regulation event in Washington, D.C. The next gate is the Office of Management and Budget, which must clear the rule before the SEC can formally propose it and open a public comment window. No timeline was given.

What the rule would do

For broker-dealers, the proposal is meant to let the…