The U.S. Securities and Exchange Commission (SEC) is set to propose a rule that would effectively require registered investment advisers to go outside the crypto industry for storing digital assets, according to its first formal policy push that leans heavily into the cryptocurrency sector.

The rule scheduled for proposal by the SEC on Wednesday would expand the agency’s existing regulations that say an investment adviser needs to keep customers’ money and securities with a “qualified custodian.” The new version, if approved, would grow that safeguarding requirement to any assets that investment advisers are entrusted with – including crypto.

Apart from demanding that investment advisers trust only regulated financial institutions with their customers’ money – mostly leaving crypto businesses on the outside – the SEC’s proposal also says those qualified custodians would be subject to independent audits, regular disclosures and would need to segregate customer assets into accounts under the customers’ identity.