The U.S. Securities and Exchange Commission (SEC) has released a Frequently Asked Questions (FAQ) document addressing broker regulations for non-securities crypto assets, providing clarity on Bitcoin and Ethereum’s treatment. The FAQ clarifies how brokers should handle these assets, exempcting them from the SEC’s safekeeping requirements under Rule 15c3-3. Notably, the FAQ clarifies that Bitcoin and Ethereum ETPs will be treated differently in terms of net capital requirements. While the FAQ offers initial guidance, Commissioner Hester M. Peirce has requested further refinement. Market participants are anticipating additional updates from the SEC on this topic. The FAQ marks a step toward clarifying crypto asset regulation while awaiting further developments.