The SEC has submitted a new draft rule on crypto custody to the White House Office of Management and Budget, advancing a proposal that would clarify how investment advisers and investment companies can custody client digital assets. The draft also aims to address institutional questions on compliant digital asset custody and remove some custody requirements viewed as outdated under current market structure and trading practices. The proposal remains in the review stage and will only move forward after OMB review, a vote by SEC commissioners, and a public comment period. The step marks progress on the administration’s crypto agenda as related legislation remains stalled in the Senate.