I’ve just reviewed the updated guidance issued by the SEC, and there are several interesting points that affect how the cryptocurrency market will operate from now on. Basically, the Division of Trading and Markets has made it clear that it does not oppose certain structures that many believed were complicated.

Most importantly, exchanges and alternative trading systems can now facilitate direct transactions between a security token and assets such as bitcoin without needing to convert everything into dollars first. This is a significant change because regulatory uncertainty existed before. A security token can be traded directly against bitcoin, period. Of course, the regulatory obligations remain the same, but at least there is clarity.

As for stablecoins, the SEC said that broker-dealers can treat them as readily tradable by applying a 2% discount when calculating net capital under Regla 15c3-1. For companies that operate with cryptoassets, this provides more certainty about how to report their positions.

Another aspect that stands out is that a broker-dealer that operates an alternative trading system can simultaneously perform custody, brokerage, and clearing functions. Each function must independently comply with the securities laws, but it does not need to register separately as a clearing agency if it does so as part of its usual operations. This simplifies the operational structure quite a bit.

For crypto exchange-traded products, the SEC also clarified its position. It does not oppose trading in shares of crypto ETPs under circumstances similar to those of commodity investment vehicles, as long as they are listed on national exchanges and conduct that violates Regla M is avoided outside of permitted distributions.

What I find most relevant is that the guidance does not introduce new rules, but rather clarifies how existing laws apply to trading structures that have evolved. The disclosure requirements were also specified: broker-dealers must describe differences in subscribers’ access, onboarding procedures, settlement processes, and specific mechanisms when operating with a security token or other cryptoassets.

Basically, the SEC is saying that the regulatory framework remains the same, but now there is clarity on how these operations work in practice. For exchanges and market operators, this should reduce uncertainty. This is not a blanket approval or prohibition—it’s simply a clarification of how the rules that already exist are applied to the digital asset space. It will be interesting to see how the regulatory stance evolves toward greater operational clarity.