The United States now has a second special purpose broker-dealer (SPBD) for digital asset securities, as the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have approved tZero Digital Asset Securities as a digital asset SPBD.

This new status allows tZero, an SEC-regulated alternative trading system operator, to carry out custody, clearance and settlement of securities without a third-party custodian, making it a "one-stop shop" for digital asset security issuance and secondary trading.

tZero has a "long-standing position that many digital assets in the market constitute securities under existing legal frameworks," and will treat digital assets as securities when it provides custody of them.

The company's first product will be the full digitization of its Series-A preferred equity security (TZROP).

The new service will be available early in 2025, following in the footsteps of Prometheum, which now treats four cryptocurrencies as securities.

Source: https://cointelegraph.com/news/sec-approves-tzero-digital-asset-broker-dealer-2025

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