SEC names crypto assets as the top priority for 2023
SEC chair Gary Gensler said that his agency continues to protect investors in a time of growing markets and new forms of risk
08.02.2023 - 09:40
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What’s new? The US Securities and Exchange Commission’s (SEC) Division of Examinations has named digital assets and other emerging technologies as its top priority for 2023. The division will inspect brokers and registered investment advisers (RIAs) that use new financial methods, including technology and online solutions for regulatory compliance and investor account maintenance.
What else does the press release say? The SEC will examine firms working with cryptocurrencies for compliance with standards in providing investment advice. The regulator also intends to examine its own compliance, disclosure, and risk management practices in such companies.
In addition, the division will monitor investment advisers’ compliance with a new marketing rule introduced by the SEC last year that restricts the use of reviews and recommendations when promoting investments.
Other items that could affect companies working with digital assets include cybersecurity reviews, proper risk assessment and asset custody, and management in the event of potential conflicts of interest.
“In a time of growing markets, evolving technologies, and new forms of risk, our Division of Examinations continues to protect investors,” said SEC chair Gary Gensler. By meeting priorities for 2023, the division will help ensure compliance with federal securities laws and rules, he added.
Earlier, the US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that his agency intends to increase enforcement staff and tighten regulation for the digital asset industry in 2023. According to him, CFTC is “working towards another strong year of precedent-setting cases.”
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