SEC – Statement regarding Special Purpose Broker-Dealers Eligible to Custody Digital Asset Securities (Statement) -

- On December 23, 2020, the Securities and Exchange Commission (SEC) said that, for a five-year period, it would not take enforcement action against a special purpose broker-dealer (SPBD) on the basis that the SPBD “deems itself to have obtained and maintained physical possession or control of customers’ fully paid for digital asset securities” subject to certain enumerated conditions—namely, that the SPBD...