DS Lab Learning Series: Revisiting the SEC's Three Step Process

Jon Breyfogle

Digital Securities Lab Community Manager
Staff member
May 30, 2022
Findlay, Ohio
In the National Law Review's article on Sep 30, 2020, titled "Time to Do the Foxtrot (Three Step) SEC Establishes Improved Process for Settlement of Digital Asset Securities," the SEC's "No Action Letter" is provided with details to convey how digital securities transactions are to be handled across Broker-Dealer ATS's and Custodians.

As of this date, over two years later, these simple guidelines, albeit conditional in the nature of a No Action Letter, represent possibly the clearest SEC "feedback" for transacting digital securities. Since this lies at the very heart of what DS Lab is seeking to convey and coalesce around, these following articles might serve as required reading.

But please don't stop there. Understanding what it takes to facilitate the issuance and subsequent trading of securities represented by blockchain-based digital tokens is one of the key objectives for the Digital Securities (DS) Lab Community. Research further on the 3-Step Process for Digital Asset Securities and look for more articles in this DSL Lab Learning Series.

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  • Digital Securities Lab is an online community for smart, forward-thinking professionals working to build decentralized capital markets through regulated digital assets and securities.

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