Adviser and Regulated Fund Custody Rules; Crypto Custody Rules

The Securities and Exchange Commission (the “Commission” or the “SEC”) is proposing new rules and amendments to address how regulated investment companies may custody crypto securities and similar investments and registered investment advisers may custody client crypto funds and securities, and amendments to the related reporting and recordkeeping requirements. We are also proposing to amend the current custody rules to modernize their requirements, to better address current industry practices and feedback, and to implement certain conforming amendments. Finally, we are proposing to redesignate the custody rule under the Advisers Act.