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

> 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.

- URL: https://riadefi.com/regulation/2026-02-19-sec-trading-markets-crypto-dlt-faqs/
- Posture: Guidance
- Authorities: SEC Division of Trading and Markets
- Event date: 2026-02-19
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: yes

## 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.

## Sources

1. [Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger Technology — December 2025 update](https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-relating-crypto-asset-activities-distributed-ledger-technology) · SEC Division of Trading and Markets · 2025-12-17


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.