SEC quietly updates rules! Goldman Sachs, Morgan Stanley can claim "control" over user private keys. The U.S. Securities and Exchange Commission (SEC) quietly updated its Frequently Asked Questions on crypto assets on December 17, clarifying how broker-dealers like Morgan Stanley and Goldman Sachs can meet custody and capital requirements for crypto asset securities. The key change is that broker-dealers can assert "control" over client crypto assets through a "qualified control location" and written instructions, without physically holding the private keys. SEC staff withdrew the reliance requirement on the special purpose broker-dealer (SPBD) safe harbor. From actual possession to written control: a regulatory revolution (Source: SEC). The core of this update is shifting the definition of "control" from "actual possession of private keys" to "demonstrating control through contracts and procedures." For crypto