The US SEC's Division of Trading and Markets recently published a Q&A guide on crypto assets and distributed ledger technology, highlighting some key information worth noting. First, Rule 15c3-3, the customer asset protection rule, only applies to security tokens; non-security tokens cannot be protected under SIPA and SIPC—this boundary is very clear. Another important point is the operational flexibility for broker-dealers: under certain conditions, they can establish control over security tokens without being fully bound by the mandatory regulations introduced in 2020. This clarification essentially provides a clearer delineation for some gray areas.