Posts tagged Digital Assets
SadiSpeaks: August 19, 2019

Welcome to the newest edition of SadiSpeaks, our weekly update on the comings and goings-on at Sadis & Goldberg LLP. Each week, we will send out our latest and greatest in bite size forms: Deal Flow, Regulatory Updates, Litigation News, Trends we’re seeing in the Hedge & P.E. space, etc. as well as invites to our full calendar of events.

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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.

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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.

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