The U.S. Securities and Exchange Commission is reviving an effort to write rules around crypto custody, according to CoinDesk, returning to an issue the previous administration tried and failed to settle. The earlier effort, launched in 2023, sought to narrowly restrict the places investment advisers could use to hold clients’ crypto assets, CoinDesk reports. That made custody a central compliance question for advisers handling digital assets on behalf of clients. The new version is not yet clear from the provided reporting. CoinDesk says the SEC’s approach remains “shrouded in secrecy,” so the available evidence does not establish what the agency may change, whether it will mirror the 2023 proposal, or when any formal proposal could emerge. For now, the confirmed takeaway is narrower: the SEC appears to be reopening a rulemaking track around how investment advisers safeguard client crypto assets, but the mechanics and scope of that effort are not yet public in the available source material. Who benefits: Compliance-focused custody providers could benefit if a future rule clarifies which arrangements are acceptable. That remains conditional until the SEC’s approach is public. Who's exposed: Investment advisers handling client crypto assets are the most directly exposed to any revived rule. Providers that do not fit the eventual custody framework could also face pressure, depending on the final scope.