- SEC is targeting a major fraction of its investigation on registered investment advisers.
- The WSBA sent a letter to the SEC on November 15, 2022.
The United States Securities and Exchange Commission (SEC) has been looking into traditional Wall Street financial advisers who may be providing client custody of digital assets without the necessary authorization.
According to the reports, the SEC is targeting a major fraction of its investigation on registered investment advisers. To determine whether they have followed the rules on the custody of client cryptocurrency holdings. Further, investment adviser firms are mandate by law to be “qualified” to provide custody services to clients. And to comply with the custodial protections specified in the Investment Advisers Act of 1940.
The Wall Street Blockchain Alliance (WSBA) sent a letter to the SEC on November 15, 2022. Asking for clarification on what, if any, modifications might be made to the “Custody Rule” concerning digital assets. Also, the Securities and Exchange Commission of the United States has strengthened the professionals in charge of safeguarding investors in cryptocurrency exchanges.
The Wall Street Blockchain Alliance
The Wall Street Blockchain Alliance (WSBA) is a well-known non-profit trade association with headquarters in New York City. Its goal is to direct and promote the widespread use of blockchain technology. And digital assets across all global markets in a way that complies with all applicable laws and regulations.
Further, the WSBA promotes the implementation of regulations, and guidelines put forward by a wide range of international regulatory agencies. Also it Includes investor protections and other measures of safety developed in the public interest.
