On 15 May 2025, the United States Securities and Exchange Commission (US SEC), through its Division of Trading and Markets, together with the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. (FINRA), formally withdrew the Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities issued on 8 July 2019. The withdrawal is effective immediately and was published on the official US SEC website.
The original Joint Staff Statement provided guidance on how broker-dealers could comply with existing custody requirements when holding digital asset securities. Its withdrawal, possibly in favour of updated and more comprehensive guidance or forthcoming rulemaking better suited to current market conditions and technological developments.
Stakeholders like crypto custodians are directed to the US SEC’s Crypto Task Force webpage for additional guidance or to contact Associate Director Michael Macchiaroli and Assistant Director Raymond Lombardo at the Division of Trading and Markets. Parallel inquiries may be directed to FINRA’s Crypto Assets team or Associate General Counsel Tom Kimbrell.
