On May 15, 2025, the U.S. Securities and Exchange Commission (SEC) released new FAQs addressing crypto asset activities and distributed ledger technology (DLT). These updates clarify how existing securities laws apply to broker-dealers, transfer agents, and digital assets like Bitcoin and Ethereum.
This long-awaited guidance brings much-needed clarity—and for platforms like CoinBrokerage.io, it reaffirms the importance of operating within a secure, compliant framework.
What’s Included in the New SEC Guidance?
DLT Now Recognized for Recordkeeping
For the first time, the SEC formally acknowledges that registered transfer agents can use blockchain (DLT) as their official Master Securityholder File. This is a major shift. It modernizes the way securities are recorded and opens the door for widespread blockchain adoption in traditional finance.
However, transfer agents must still meet all existing requirements. That means accurate records, auditability, and data accessibility are non-negotiable.
Broker-Dealer Custody: Clear Lines Drawn
The SEC clarified that broker-dealers holding non-security crypto assets (such as Bitcoin) are not subject to Rule 15c3-3’s possession and control rules. However, those assets are not protected under the Securities Investor Protection Act (SIPA).
This means firms can hold Bitcoin—but users must understand the risks. Protection is limited, and non-security assets are not covered by standard SIPA protections.
Net Capital Rules for Bitcoin and Ethereum
New guidance also covers capital treatment for broker-dealers holding proprietary positions in Bitcoin and Ethereum. These assets, currently underpinning exchange-traded products (ETPs), now have clearer net capital requirements.
This clarity helps firms manage their capital more efficiently—and with fewer surprises.
What This Means for CoinBrokerage.io
As a non-custodial and compliance-first platform, CoinBrokerage.io is already aligned with the SEC’s direction. Here’s why the new guidance supports our mission:
We Embrace Blockchain Transparency
The SEC’s validation of DLT is a direct endorsement of our approach. At CoinBrokerage.io, we’ve always leveraged blockchain to offer transparent, auditable, and secure transactions.
Non-Custodial = Client Control
We don’t hold your crypto—you do. That’s why the SEC’s comments on broker-dealer custody have minimal impact on our model. We believe in direct-to-wallet delivery, not pooled or rehypothecated assets.
Regulatory Clarity = Client Confidence
With the SEC taking steps to clarify these rules, it reduces ambiguity. In turn, it gives our clients greater confidence in using our services to safely purchase Bitcoin and Ethereum with full compliance.
A Win for Responsible Operators
The SEC’s new FAQs mark a turning point in the U.S. approach to crypto regulation. By explaining how current securities laws apply to modern crypto practices, they are building a more predictable environment.
At CoinBrokerage.io, we welcome this progress. We see it as a green light for continuing to offer secure, regulated, and efficient services—especially as the U.S. becomes increasingly crypto-friendly under the current administration.
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