investment advisors under scrutiny!

From the U.S. Securities and Exchange Commission (SEC), finally a move came to make you say that this too happened. since last year crypto- The SEC, which has brought many companies under investigation in the industry, has tried to implement a number of regulatory frameworks through its sanctions.

The SEC is now the US’ most popular and traditional Wall Street Investigating investment advisors. The reason why the SEC is scrutinizing investment advisors is whether they offer digital asset custody services to their clients without the appropriate qualifications.

The SEC’s scrutiny of Wall Street had begun long ago.

A Reuters report states that the SEC’s investigations have been going on for several months, but FTXHe revealed that he accelerated his work even more after the collapse in .

However, the SEC Wall Street As the reviews of investment advisors were not conducted publicly, there was no way it would have been known before.

According to the shared reports, the SEC’s goal is to find out if registered investment advisors meet rules and regulations regarding oversight of client crypto assets.

Also, by US law, investment advisory companies must be qualified to provide custody services to clients, in addition to complying with the custody measures set forth in the Investment Advisors Act of 1940.

However, Cointelegraph contacted the SEC for more specific information, but did not receive an immediate response.

In addition, in the light of the emerging information, SECIt was noticed that .

The Wall Street Blockchain Alliance (WSBA) has written a letter to the SEC seeking clarity on what potential changes apply to the “Retention Rule” regarding digital assets.

investment advisors under scrutiny!
A letter to the SEC by six members of the AWSBA seeking regulatory clarity on digital asset custody rules. Source: SEC.

Cointelegraph also contacted the WSBA, but received no response from either the SEC or themselves.

on the other hand SEC, has continued its work on cryptos at full speed over the past year. In May 2022, the SEC made its “Crypto Assets and Cyber ​​Unit” fully-fledged.

Finally, besides its currently ongoing lawsuit with Ripple, the SEC FTXAfter the crash in , the stock market and its former founder Sam Bankman-Fried has tightened its investigations and investigations.

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