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The proposed rule also would require advisers to segregate their investors’ assets. The current rule requires advisers and qualified custodians to segregate funds and securities, and the new rule would expand that to all assets, Gensler said.

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SEC votes to advance rule tightening crypto custody requirements

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Custody rule for investment advisers changes, proposed under the Biden administration with Gary Gensler leading the SEC, would target the crypto industry by expanding its application to all assets under an adviser’s control, thereby requiring all crypto assets to be held with qualified custodians such as banks or broker-dealers and segregate own assets from customers

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SEC’s custody rule requires investment advisers to hold client assets separately from their own and use a qualified custodian such as a bank or broker-dealer

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