Atkins said that the custody provisions of the current Investment Advisers Act and the Investment Company Act predate the birth of the Internet, and the custody capacity often lags for months after new assets are launched, and the sec custody rule proposal aims to fill this gap. Atkins also combed through the sec's crypto regulatory initiatives, including ending “regulation by law enforcement,” arrangements related to tokenized securities, a proposed Regulation Crypto Assets offering framework, and “innovation exemptions,” and said more regulatory proposals were on the way.