The Securities and Exchange Commission proposed a 760-page framework on Oct. 1 for how registered investment advisers and regulated funds may custody crypto assets, setting requirements for custody, recordkeeping, disclosure, audits and oversight. The plan would permit advisers to directly hold client crypto in limited cases where a qualified custodian cannot support a specific asset, subject to demonstrated safeguarding expertise, private-key protections, separate customer addresses, two-person transfer approval and quarterly reviews of custodian availability. State-chartered trust companies could qualify as custodians if they meet authorization, security, audit and asset-segregation standards. SEC Chairman Paul Atkins said existing rules were developed for traditional assets and had not kept pace with digital holdings. The proposal begins a 60-day public-comment period and arrives one day before Commissioner Hester Peirce's final day at the SEC, reducing the agency to two sitting commissioners after it lowered its quorum requirement from three to two. Separately, the top 185 holders of the $TRUMP token are eligible to win seats at a Nov. 22 dinner with Trump, while Drift Protocol has opened DFX token claims for users affected by its April security exploit.