The SEC (U.S. securities regulator) Division of Corporation Finance has issued updated staff guidance on public reporting by digital asset depositories and companies involved in crypto custody. The guidance focuses on how public companies should describe balance-sheet treatment and risk factors when holding crypto assets for third-party customers. It is staff guidance rather than formal Commission rulemaking, so it does not create a new law or carry the same legal force as a Commission-adopted rule. Still, it can influence filing practices, disclosure norms and the questions SEC staff raise during reviews. The guidance highlights the need for clearer information about customer rights, asset segregation, private-key control, custody arrangements, insurance, third-party providers, cybersecurity, legal protections and potential bankruptcy exposure. The focus reflects heightened attention to custody structures after major exchange failures and platform collapses. The guidance is part of broader regulatory pressure for clearer digital-asset reporting and could increase compliance costs while improving investors’ ability to compare companies and identify where exposure sits.