<h1>SEC guidance on broker-dealer custody of tokenized equities: exclusive key control required; treated as securities under existing rules.</h1> SEC guidance clarifies that tokenized equities are to be treated as securities within existing broker-dealer customer protection and custody frameworks, not under a separate blockchain-specific regime. Broker-dealers may custody tokenized securities provided they maintain exclusive control over the cryptographic keys and implement controls to address operational contingencies such as hard forks and network attacks. The operative effect is to permit custody of tokenized stocks under current regulatory requirements, supporting their integration into traditional market infrastructure without creating special regulatory status for blockchain-based securities.