bit.ly/3tNGsnw
www.morganlewis.com/-/media/files/publication/morgan-lewis-title/white-paper/2022/sec-seeks-to-make-certain-hedge-funds-digital-asset-traders-and-other-proprietary-traders-register-as-broker-dealers.pdf
See also:
www.findknowdo.com/news/03/13/2023/sec-chair-urges-crypto-firms-comply-securities-laws
Update:
anderpc.com/insights/navigating-the-secs-regulatory-maze-the-challenge-for-digital-assets