The U.S. Securities and Exchange Commission (SEC) has issued new guidance and frequently asked questions (FAQs) concerning the custody of crypto assets by broker-dealers and transfer agents, as well as the net capital treatment of these assets. The SEC's Division of Trading and Markets released these updates to clarify regulatory expectations for crypto asset activities and the application of distributed ledger technology. Additionally, SEC Commissioner Hester Peirce proposed a time-limited safe harbor to facilitate crypto asset transactions, contingent on specific disclosure and investor protection requirements. She also advocated for clear criteria to distinguish crypto assets from investment contracts and recommended exemptions to support innovation in the sector. These developments come amid a broader review of cryptocurrency regulations under the new SEC chairperson, signaling a comprehensive reassessment of the regulatory framework governing digital assets.