[U.S. SEC Submits New Crypto Custody Rule Proposal to the White House] According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has submitted a proposal for new regulations regarding investment advisors holding client digital assets to the White House Office of Management and Budget (OMB). The proposed rule aims to 'clarify the framework for investment advisors and investment companies to custody crypto assets,' addressing institutional inquiries on how to compliantly custody digital assets. It also plans to eliminate certain existing custody requirements deemed 'outdated' due to market evolution and current trading and custody practices. The proposal is seen as a step by financial regulators to advance the current administration's crypto agenda while related legislation remains stalled in the Senate. The proposal will undergo OMB review, SEC commissioner voting, and public comment solicitation before it can take effect.