SEC Clarifies Crypto Custody Rules, Withdraws 2019 Joint Statement on Digital Asset Securities
The U.S. Securities and Exchange Commission (SEC) has released new guidance addressing how broker-dealers should handle the custody of crypto assets, offering long-awaited clarity on regulatory expectations in a rapidly evolving market.
In tandem with these updates, the SEC’s Division of Trading and Markets and FINRA’s Office of General Counsel have formally withdrawn their 2019 Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities, effective immediately.
The newly issued FAQ from the Division of Trading and Markets outlines how broker-dealers can comply with existing custody and capital rules under Rule 15c3-3, distinguishing between crypto assets that qualify as securities and those that do not. Among the key…
