🚨NEW: The SEC just officially scrapped the expanded Custody Rule proposal and Rule 3b-16, plus other Gensler-era rules. The Custody Rule aimed to cover all client assets including crypto, broadened what counts as “custody,” and raised concerns about whether certain state chartered entities should be qualified custodians. Rule 3b-16 proposed DeFi exchanges/platforms could be regulated as national securities exchanges. The SEC also dropped its proposal to make public companies comply with enhanced ESG reporting requirements.