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On 15 February 2023, the Securities and Exchange Commission (SEC) published its proposal on new safeguarding rules for cryptocurrencies and other investments. Along with the publication of the proposal, a consultation period will be opened that will last 60 days from the day it is published in the Federal Register. The stated goal of the proposed rules, according to the SEC, is the increased protection of investors' assets by registered investment advisers, as these would have to provide for a higher level of custodial protection when dealing with clients' assets. This increased protection would be achieved by proper segregation of assets in different accounts to protect the assets in the case of insolvency of the registered investment adviser. The rules would represent an amendment to rule 206(4)-2 of the Investment Advisers Act of 1940.
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