SEC Acting Chair Mark Uyeda stated that the SEC is reexamining agencies proposed investment advisor's custody rule change, introduced during the Biden administration under the leadership of Gary Gensler, which would expand it's application from to traditional financial assets to crypto assets

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12:00am, Monday, March 17, 2025

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The custody rule, proposed under the former Biden administration when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over and would also add more protections to those assets. Registered investment advisers are subject to a custody rule, which requires them to maintain those assets with a qualified custodian, such as a bank or broker-dealer. The rule would extend those standards to the crypto industry, raising concerns about whether that would further limit the number of banks willing to do business with the sector.

Acting SEC chair Uyeda directs staff to reexamine proposed crypto custody rule

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Gary Gensler

Mark Uyeda

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