SEC trading staff expands crypto and distributed-ledger FAQs for intermediaries

What changed

Trading and Markets staff published crypto and distributed-ledger FAQs in May 2025, expanded them in December 2025, and added a payment-stablecoin net-capital position on February 19, 2026. The current FAQs address broker-dealer possession and control, capital haircuts, SIPC limits, non-security asset records and insolvency treatment, transfer-agent registration and DLT records, ATS and exchange pairs trading, clearance, settlement, and crypto ETP activity. They remain staff views without legal force.

Who it affects

• Broker-dealers and transfer agents supporting advisory clients
• Advisers diligencing crypto ETP, custody, execution, and settlement providers

What is still open

• Future FAQ revisions or Commission rulemaking
• Application of the staff positions to particular assets, control arrangements, insolvency facts, transfer-agent functions, and intermediary structures
• The treatment of payment stablecoins once GENIUS Act implementing rules become effective

What it means for an advisor

• Use the current FAQ version in broker-dealer, custodian, transfer-agent, ATS, crypto ETP, SIPC, stablecoin-capital, recordkeeping, and insolvency diligence while distinguishing staff views from binding Commission rules.

Previous interpretation

The earlier draft reflected the initial May 2025 FAQ publication and noted later expansion, but did not capture the February 2026 payment-stablecoin net-capital addition.