While Congress stalls on crypto market-structure legislation, the SEC just sent a custody-rule rewrite to the White House. Full text isn’t public yet. The stated goal is to clarify how investment advisers and funds can hold crypto for clients, and to drop outdated custody provisions written for a pre-digital market. It still needs OMB review, an SEC vote, and a public comment period. Not law. But the institutional rails are being built while the Hill argues.(Lark Davis)