SEC Division of Trading and Markets Issues FAQs on Crypto Asset Activities Focusing on Trading and Settlement Issues

On December 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (“SEC”) released an update to its May 2025 FAQs relating to crypto asset activities and distributed ledger technology.  The additional FAQs focus on trading and settlement issues, including how alternative trading systems (“ATSs”) and national securities exchanges (“NSEs”) can facilitate pairs trading (e.g., where one of the crypto assets is a security and the other is a…
By: Mayer Brown Free Writings + Perspectives