Understand the policy in three sentences.
The SEC has extended the compliance deadline for broker-dealers to calculate customer reserves daily from the end of 2025 to June 2026.
Only securities-type tokens, such as certain stablecoins and DeFi governance tokens, are restricted; mainstream assets like BTC/ETH are unaffected.
Essentially provides broker-dealers with a six-month buffer period to upgrade their systems, but the direction of enhanced regulation remains unchanged.
Four major impacts on the cryptocurrency sector.
Object opportunity risk points for broker-dealer/exchange compliance platforms can seize market share of security tokens. Daily reserve calculation system transformation costs surge, transparency of custody for security tokens improves, enhancing investor confidence, possibly leading to higher custody fees. Non-security assets like BTC/ETH receive clear regulatory exemptions. Exchanges may accelerate the divestment of security token businesses. The demand for auditing tools from technology service providers, such as Merkle tree proof, has skyrocketed.
Big D's conclusion: The real winner of the delay.
Short-term winners: Technically weak small and medium broker-dealers gain a six-month upgrade window.
Long-term winners:
Exchanges that have realized daily Merkle tree proof, such as Binance and Kraken.
The demand for auditing services for security tokens and on-chain reserve monitoring agreements has surged.
Regulatory confirmation again of BTC holders' non-security status.
Action suggestion: Investors should prioritize platforms that disclose daily reserve proof and have bank-level insurance, and be wary of exchanges still managing security tokens with mixed accounts.
$BTC
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