FINRA Presses Brokers For Voluntary Notice On Digital Assets

Law360 (July 19, 2019, 4:10 PM EDT) -- The Financial Industry Regulatory Authority has asked U.S. broker-dealers to proactively alert it if they plan to work with digital assets, adding another 12 months to a request for voluntary disclosures that FINRA launched one year ago.

A Thursday regulatory notice said FINRA "encourages" firms to tell regulatory staff by email or in writing if they anticipate doing business in any way with cryptocurrencies, virtual coins, digital tokens or other digital assets — whether or not brokers think those assets meet the definition of securities.

"FINRA believes it is important to keep the lines of communication with members open on this...

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