SEC Issues New Guidance on Crypto Broker-Dealer Rules

By: coindoo|2025/05/16 17:45:05
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Commissioner Hester Peirce welcomed the FAQs, describing them as an “incremental step along the journey” toward regulatory clarity in the digital asset space.While many of the FAQs simply reaffirm existing regulations, they tackle some of the pressing uncertainties market participants face when dealing with crypto. For instance, they clarify that broker-dealers holding non-security crypto assets for customers are not subject to the same capital rules as those applied to securities, particularly under Rule 15c3-3.The document also emphasizes that only Bitcoin and Ether—the two crypto assets currently underlying exchange-traded products (ETPs) on U.S. national exchanges—are referenced in the guidance. However, this does not imply exclusivity or limitations on broker-dealer asset custody.Key PointsNon-security crypto assets held by broker-dealers are not protected by SIPA, the Securities Investor Protection Act.The FAQs offer initial guidance for transfer agents using distributed ledger technology.They reaffirm that Rule 15c3-3’s possession and control requirements apply only to securities, not to non-security crypto assets.Further guidance is expected, especially around tokenized versions of traditional securities and other non-securities custody models. .dark-mode .read-more {background-color: #343a40 !important;} READ MORE: Anthony Scaramucci Shares Bold Bitcoin Prediction and ETF Outlook Commissioner Peirce acknowledged the FAQs as a positive step but stressed that much work remains. Market participants continue to call for a fit-for-purpose broker-dealer framework and greater clarity around tokenized assets.What’s Next?Peirce noted the demand for a special-purpose broker-dealer statement, better guidance on on-chain tokenization, and clearer rules for broader crypto asset treatment. She also encouraged the industry to provide feedback to the SEC’s Crypto Task ForceThe post SEC Issues New Guidance on Crypto Broker-Dealer Rules appeared first on Coindoo.

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DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


About DDC Enterprise Limited


DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.


The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


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