Posts tagged Digital Assets
SEC and FINRA Issue Joint Statement on Custody Issues of Digital Assets

The U.S. Securities and Exchange Commission ("SEC" or "Commission") the Financial Industry Regulatory Authority ("FINRA") released a joint statement on July 8, 2019 clarifying issues related to broker-dealer custody of digital asset securities. The statement focuses on FINRA and the SEC's approach to broker-dealer regulation and investor protection, including assets deemed to be securities under the 1970 Securities Investor Protection Act and factors related to approving a broker-dealer application of crypto-related companies. The same fundamental elements of the broker-dealer financial responsibility rules apply whether a security is paper or digital.

Read More
NFA Releases Additional Reporting Requirements for CPOs and CTAs that Trade Virtual Currency Products

The National Futures Association (the "NFA") released an investor advisory on December 14, 2017, requiring each CPO and CTA, effective immediately, to notify NFA if it executes a transaction involving any virtual currency or virtual currency derivative on behalf of a pool or managed account by amending the firm-level section of its annual questionnaire.

Read More