The U.S. SEC Division of Trading and Markets has issued updated guidance allowing direct trading between security tokens and non-security crypto assets like Bitcoin, without the need for fiat conversion. This move clarifies that national securities exchanges and alternative trading systems (ATSs) can facilitate such trades, provided they comply with existing federal securities laws. The guidance also addresses stablecoin capital calculations, permitting broker-dealers to treat proprietary stablecoins as readily marketable with a 2% haircut. Additionally, the SEC's guidance allows ATS broker-dealers to combine brokerage, custody, and clearing functions, as long as they adhere to applicable laws. The update also provides relief for crypto exchange-traded products (ETPs) under Regulation M, allowing trades if the ETP shares are listed on a national securities exchange and participants comply with existing rules. This guidance aims to clarify the application of securities laws to evolving crypto trading structures and capital treatments.