SECOND verifies that registered investment advisers comply with the rules and regulations applicable to the storage of digital assets. He writes about it referring to knowledgeable sources Reuters.
According to the agency, the regulator began investigating the situation several months ago. FTX crash accelerated control.
By the law RIA must be duly qualified to offer custodial services in addition to complying with the custodial safeguards set out in the Investment Advisers Act 1940.
Anthony Tu-Sekin, who leads Seward and Kiesel’s blockchain and cryptocurrency group, pointed out that emerging information about the investigation suggests the regulator “hasn’t turned a blind eye” to the issues. traditional investment firms.
“This is a clear issue of compliance with investment consultant requirements. If you have client assets that are securities, you must hand them over to one of these qualified custodians.” he explained.
November 15, 2022 Wall Street Blockchain Alliance directed The SEC has written a letter asking the Commission to explain potential changes to the custody rule as it applies to digital assets.
As a reminder, in 2022, the regulator opened 30 files related to cryptocurrencies. Indicator compound nearly a quarter of the SEC’s total enforcement actions per hour – 127 cases.
Earlier, Cornerstone Research suggested that control of the crypto industry would remain in the hands of the Commission priority under the direction of Gary Gensler. They recalled that in my department almost doubled the number the corresponding division.
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