Crypto Brief – Lowenstein Crypto Newsletter – December 18, 2025

On Dec. 17, the Securities and Exchange Commission’s (SEC) Division of Trading and Markets released a statement (the Statement) providing clarity on whether a broker-dealer has “physical possession” of a crypto asset security under Rule 15c3-3 under the Securities Exchange Act of 1934, as amended (Rule 15c3-3). Under Rule 15c3-3, a broker-dealer is required to obtain physical possession or control of all fully paid and excess margin securities it carries for the account of customers….
By: Lowenstein Sandler LLP