SEC's Crypto Asset Guidance for Broker-Dealers and Transfer Agents—A Regulatory Turning Point: Client Alert Digest

In May 2025, the SEC’s Division of Trading and Markets, along with a separate statement by SEC Commissioner Peirce, released FAQs that provide long-awaited clarity on the regulatory treatment of crypto asset activities by broker-dealers and transfer agents. The FAQs withdraw prior guidance, provide new guidance relating to the Customer Protection Rule and Net Capital Rule treatment of crypto assets, SIPA coverage, and more. Read this client alert digest for more details on the new guidance.

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