The U.S. Securities and Exchange Commission has proposed new rules to update how investment advisers and regulated funds hold assets, with a big focus on crypto.

In a statement Thursday, the Wall Street watchdog said it would allow advisers and funds acting through their advisers, to hold client crypto themselves, but only if no permitted custodian is available. 

Regulators are pushing ahead with rulemaking for the digital asset space despite lawmakers blocking the Clarity Act last month. 

JUST IN: 🇺🇸 SEC Chairman Paul Atkins releases a statement to address the custody of crypto assets. 👀

“Since the advent of Bitcoin in 2008, the crypto asset market has grown from…

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