US SEC interviews investment advisors for crypto custody: report

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Von: Krypto News Österreich

The United States Securities and Exchange Commission (SEC) aims at investment advisors who may offer their customers the custody of digital assets without fulfilling the correct criteria.

, citing three unnamed sources, Reuters reported that the Commission examined the efforts of consultants to comply with the rules for the custody of the digital assets of customers after the FTX's implosion.

  • The investigation has not yet been published, but the enforcement staff of the SEC has the investment advisors about details on the steps they have undertaken to evaluate the custody of platforms, including the now bankrupt crypto exchange, requested the sources.
  • Typically, the digital assets of customers are saved in a third party.
  • Investment consultants cannot keep customer funds or securities if they do not meet certain requirements for the protection of assets.
  • The SEC has no licenses, but the consultants who keep such assets from a company should be classified as "qualified storage". The investment advisors must also disclose customers how their assets are kept.
  • The Commission has already doubled and more resources for its crypto team-Crypto Assets and Cyber ​​Unit-provided, which was previously known as Cyber ​​Unit.
  • The latest step could indicate the increasing control of the regulatory authority in view of the expansion of traditional Wall Street companies in crypto.
  • Anthony TU-Sekine, head of the Blockchain and Cryptocurrency Group from Seward and Kissel, was cited with the words:

"This is an obvious compliance problem for investment advisors. If you keep customer assets that are securities, you must keep them with one of these qualified storage."

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