<ul><li>SEC issued new guidance in the form of FAQs regarding crypto broker-dealer rules.</li><li>The FAQs clarified that broker-dealers holding non-security crypto assets for customers are not subject to the same capital rules as securities.</li><li>Non-security crypto assets held by broker-dealers are not protected by SIPA, and Rule 15c3-3 applies only to securities, not to non-security crypto assets.</li><li>Further guidance is expected regarding tokenized securities, non-securities custody models, and other aspects of crypto asset treatment.</li></ul>

SEC Issues New Guidance on Crypto Broker-Dealer Rules

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