The CFTC joined the SEC to issue joint guidance clarifying the application of federal securities laws to crypto assets and separately issued a staff no-action letter — the most significant interagency crypto regulatory development of the month — while FINRA barred another broker for non-cooperation and 24 disclosure events were recorded across the advisory vertical in 98 total events.

Joint CFTC-SEC Crypto Guidance

The Commodity Futures Trading Commission announced it joined the Securities and Exchange Commission to clarify how federal securities laws apply to crypto assets. The joint statement represents the most consequential interagency coordination on digital asset regulation in recent months, addressing the jurisdictional boundary between the two agencies that has been a source of uncertainty for the crypto industry.

The CFTC-SEC dynamic on crypto regulation is one of the most closely watched areas in financial regulation. The CFTC has traditionally regulated commodity-based digital assets and derivatives, while the SEC has asserted jurisdiction over crypto assets it classifies as securities. Joint guidance that clarifies these boundaries reduces compliance uncertainty for exchanges, broker-dealers, advisers, and custodians operating in the digital asset space.

The CFTC also issued a staff no-action letter, which provides market participants with assurance that the CFTC's Division of Enforcement will not recommend enforcement action for specific activities. No-action letters are a critical tool for providing regulatory clarity in emerging markets where formal rulemaking has not yet caught up with business practices.

FINRA Bars Kim for Non-Cooperation

FINRA barred Kim from associating with any member firm in all capacities for refusing to provide documents and information requested under Rule 8210, according to an AWC (Letter of Acceptance, Waiver, and Consent). This is the latest in a series of Rule 8210 bars throughout March, reinforcing FINRA's consistent message that non-cooperation results in the most severe sanctions available.

The month's 8210 enforcement pattern is now unmistakable: FINRA has barred at least one individual per week for refusing to cooperate with investigations. For registered representatives and their compliance departments, the message is clear — cooperation with FINRA investigations is not optional, and refusal results in a permanent career-ending bar.

24 Disclosures — Month's Highest Daily Count

Twenty-four disclosure events were recorded across the RIA vertical — the highest single-day count in March. Disclosures encompass customer complaints, regulatory actions, termination disputes, financial events, and criminal matters. While many of the day's disclosures involved removals of aging records, the volume reflects the scale of the advisory industry's regulatory reporting infrastructure.

19 Advisor Moves Continue Elevated Pace

Nineteen advisors changed firm affiliations, maintaining the high-volume movement that has characterized March 2026. The RIA vertical dominated the day with 62 of 98 total events, underscoring the advisory channel's growing share of industry activity relative to the broker-dealer side.

17 RIA Graduations Match Single-Day Record

Seventeen advisory firms completed their SEC registration, tying the single-day record set on March 16. One firm failed the 120-day process. The sustained graduation pace continues to add new entrants to the SEC-registered advisory universe at a rate that is reshaping the competitive landscape.

DTCC Issues Notice

The DTCC issued one notice to its member firms. DTCC notices typically address operational matters related to clearing, settlement, and custody services that affect the back-office functions of virtually every broker-dealer and institutional investor in the United States.

Across the Wire

Twenty-two FOCUS reports were filed with the SEC. The OCC approved one branch establishment. Eight SEC announcements were processed, including exchange filings. One new vendor relationship was added at the broker-dealer level. The day was light on BD personnel changes, with the RIA vertical accounting for nearly two-thirds of all activity.

All data sourced from CFTC, SEC, FINRA, OCC, DTCC, and the Finleet Terminal as of March 17, 2026. Entity profiles are available at terminal.finleet.com.