Despite the Senate blocking the CLARITY Act, the SEC is moving forward with its own crypto rules. Its chairman, Paul Atkins, announced a proposal to establish a clear regulatory framework for crypto asset custody. This measure would allow registered investment advisors and regulated funds to custody crypto assets under certain conditions, while also clarifying self-custody rules and the use of state-chartered trust companies as custodians. The proposal will undergo a 60-day consultation period before possible adoption, and further regulatory proposals are expected.
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