The Securities and Exchange Commission (SEC) is planning an October proposed rulemaking for registered investment advisers (RIAs), according to a draft proposal sent to the White House yesterday, as first reported by Bloomberg. While the rulemaking is not just about crypto-asset custody, this is a key part of its plans.

The SEC’s rulemaking entry published on the Office of Management and Budget regulatory site states: “Currently, investment advisers and investment companies have raised questions about how to hold crypto assets in compliance with the current Commission custody requirements. This rulemaking would clarify the framework for the custody of crypto assets for…