The SEC is tightening "travel rule" requirements for digital asset businesses. Operators must collect and verify customer and counterparty information before processing transfers, verify counterparty providers and intermediaries, and keep transfer records for at least five years in an accessible format. Rules take effect 27 Feb 2027. This mainly affects crypto exchanges and digital asset operators; most ordinary SMEs have no direct obligation, but any business dealing with crypto payments or exchanges should check with its provider.