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Concerns about bd failure or hacking of digital assets. SIPA definition of security is more narrow than 33/34 act. If bd was to custody bitcoin/ eth )which they do not look favorably upon) would not be covered.
Wouldn’t cover securities not registered by sec. exempted would not be covered for dissolution or theft.
Sipa doesn’t cover private placements. Big take away.
Custody of crypto is custody of data. Forman talks about airdrops- custodian of primary asset may be paid to custody the airdropped asset associated with custodies asset. “Laser focused on security”
Forman: Forks- “like weeds”- custodians need to know about it- up to custodians to come up with a policy. May or may not support forks depending on contract.
Correction: sipa covers “customer name securities” which is a limited subset. May apply to private plcements if in “customer name”. 
