According to CoinMeta, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), acknowledged today that federal securities regulations have not kept up with the rapid growth of Bitcoin since its inception in 2008. In response, a new proposal has been put forward to modernize the way advisors and funds manage crypto assets. This proposal revises the Investment Advisory Act and the Investment Company Act to create clearer regulations for digital assets, allowing registered investment advisors and regulated funds to hold crypto assets under frameworks that fit today's market conditions, rather than relying on guidelines from decades ago. Atkins stated that current regulations "have failed to keep up" with this asset class, which has evolved from a niche experiment into a trillion-dollar market. Two prominent provisions of the proposal include: advisors may allow clients to self-manage their crypto assets under certain conditions, and state-licensed trust companies can also act as custodians, expanding beyond the traditional roles of banks and brokers. The proposal comes after the "Clear Act" stalled in the Senate for several weeks, as legislators were unable to advance this broader market structure legislation, forcing the SEC to take action through rule-making.