BRAEDEN ANDERSON

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K. Braeden Anderson 3/5/26 K. Braeden Anderson 3/5/26

The SEC’s New Enforcement Manual Signals a Procedural Reset in Securities Enforcement

On February 24, 2026, the SEC’s Division of Enforcement published a revised Enforcement Manual. This article is a clean-room, original discussion of the press release and the 2026 Enforcement Manual. It is also meant to sit naturally inside the enforcement “throughline” I have been building on Anderson Insights: the idea that enforcement outcomes are increasingly driven by (i) data and surveillance sophistication, (ii) procedural architecture, and (iii) the downstream consequences of resolutions, often more than the headline penalty itself.

Regulatory Update: SEC Staff Guidance Eases Broker-Dealer Path Into Digital Asset Markets

On May 15, 2025, the U.S. Securities and Exchange Commission’s Division of Trading and Markets (“Staff”) published a set of Frequently Asked Questions (FAQs) offering long-awaited clarity for SEC-registered broker-dealers and transfer agents engaging in crypto asset-related activities.

Issued alongside FINRA and accompanied by the formal withdrawal of the 2019 Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities, this update is a meaningful step forward. It signals the Staff’s intent to move past defensive postures and toward practical, systems-level integration of crypto asset infrastructure into the legacy securities framework.

To be clear: the FAQs don’t alter statutory obligations or override the SEC’s 2020 Special Purpose Broker-Dealer (“SPBD”) Statement. But what they do provide is a viable, operational path for traditional broker-dealers to custody crypto asset securities—without siloed carveouts or regulatory acrobatics.

Let’s break down what matters, and why this shift should be on the radar of every compliance officer, digital asset GC, and prime services executive with an eye on the evolving intersection of finance and blockchain.

Featured

Braeden Anderson

K. Braeden Anderson serves as a Partner at Gesmer Updegrove LLP, where he leads the firm’s Blockchain & Digital Assets and Securities Enforcement & Investigations practices. He also chairs Mackrell International’s Blockchain & Digital Assets Group and its Securities Enforcement & Investigations Group.

Named to Best Lawyers: Ones to Watch® in America (2025) for Financial Services Regulation Law and Securities Regulation, Mr. Anderson has built a national reputation as a securities regulatory and enforcement attorney operating at the intersection of traditional finance and emerging technologies. His practice focuses on advising financial institutions, fintech companies, investment advisers (including robo-advisors), broker-dealers, trading platforms, and digital asset companies in complex regulatory, enforcement, and compliance matters before the SEC, CFTC, FINRA, DOJ, and state regulators.

Within the digital asset and blockchain space, Mr. Anderson regularly counsels clients on issues involving market structure, tokenization, robo-advisor and broker-dealer registration, custody frameworks, AML and KYC obligations, and secondary trading considerations for regulated assets. His work spans both established financial institutions and early-stage ventures, helping clients operate within rapidly evolving regulatory environments with precision and strategic clarity.

Mr. Anderson also represents professional athletes and sports organizations in connection with regulatory and investigative matters requiring careful handling and discretion.

Prior to joining Gesmer, Mr. Anderson founded a Washington, D.C.-based law firm. He previously served as Assistant General Counsel at Robinhood Markets, Inc. (HOOD), where he advised on significant regulatory and enforcement matters. Earlier in his career, he practiced at Kirkland & Ellis LLP and Sidley Austin LLP in New York and Washington, D.C., representing clients in matters involving major federal enforcement authorities and providing regulatory advice on complex financial matters.

Mr. Anderson is an active contributor to the national conversation on securities and digital asset regulation. He publishes a widely followed weekly newsletter that has reached millions of legal and financial professionals and produces video content on YouTube for an audience of over 160,000 subscribers. He is also the editor of this legal publication, Anderson Insights, where he provides in-depth analysis for regulators, in-house counsel, and compliance professionals.

Mr. Anderson is also the creator of The Long Game with Braeden Anderson, a new digital series on YouTube exploring the intersection of golf, discipline, and high-performance thinking, featuring match-play conversations with legal executives and business leaders.

He was recently recognized as the most-read fintech thought leader in the United States in Mondaq’s Spring 2025 Thought Leadership Awards.