Policy Watch 🇺🇸 On August 18, the @SECGov proposed Regulation Crypto Assets, its first rulemaking written specifically for digital assets. Today's custody proposal addresses the corresponding question on the adviser side: what constitutes adequate safeguarding of client digital assets under the Advisers Act? The existing custody framework predates the asset class, and the resulting uncertainty around qualified custodian status has constrained registered advisers irrespective of client demand. Together, a defined offering regime and a modernized custody standard would give digital assets the same regulatory foundation every other asset class already operates on. The proposal text has not been published; its substance remains to be assessed. More at @CoinDesk 👇