The U.S. Securities and Exchange Commission (SEC) published on Dec. 17 a set of FAQs outlining how securities laws apply to crypto assets. The guidance addresses custody, capital, trading, and recordkeeping for broker-dealers and market infrastructure handling bitcoin, ether, and other digital assets. The FAQs clarify that custody rules apply only to securities, excluding non-security crypto assets from Rule 15c3-3. The staff noted they will not object if broker-dealers treat bitcoin or ether as readily marketable for net capital. The document also outlines when crypto asset service providers must register as transfer agents and confirms that distributed ledger technology can serve as an official master file if compliance requirements are met. As trading volume in crypto assets continues to rise, the SEC’s guidance may influence investor sentiment and the fear and greed index.
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