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Non-Fungible Insights: Blockchain Decrypted

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May 27, 2025

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6 min read

Not So Special After All: SEC Quietly Discards Special-Purpose Broker-Dealer Framework, Opens Digital Asset Custody to “Regular” Broker-Dealers

On May 15, 2025, the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC) released a set of Frequently Asked Questions (FAQs) addressing the application of SEC Rule 15c3-3 (the Customer Protection Rule) to the custody of crypto assets that are securities by broker-dealers.

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About This Blog

Winston & Strawn’s Non-Fungible Insights: Blockchain Decrypted blog tracks and provides user-friendly explanations of legal and regulatory developments related to blockchain technology including digital assets, NFTs, and smart contracts.

Related Capabilities

  • Private Investment Funds
  • Finance
  • Cryptocurrencies, Digital Assets & Blockchain Technology
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