Analysis

Regulators Wait To Be Convinced Of Crypto Asset Safeguards

Law360 (July 11, 2019, 8:49 PM EDT) -- A joint statement from the SEC and FINRA this week highlights their concerns with broker-dealers transacting digital assets, leading observers to suspect the regulators need to be convinced that the firms are using effective processes to protect customer assets.

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority released a joint statement Monday saying that existing consumer protection safeguards may not be effective or available when applied to digital asset securities, raising questions about how broker-dealers can adhere to custodial requirements when they touch digital assets.

The regulators noted they are in discussions with registered and unregistered broker-dealers that want...

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