No Enforcement Actions For Digital Asset And Crypto Brokers Following SEC Guidelines
Cryptocurrency industry especially crypto brokers and exchanges are facing lot of heat in light of SECs recent $1.3 Billion lawsuit against Ripple. SEC published an official press release titled “SEC Issues Statement and Requests Comment Regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers”.
The press release emphasizes the rules laid out in the Securities Exchange Act Rule 15c3-3 to digital asset securities and states that SEC aims to utilize it to foster innovation in the custody of digital asset securities. The press release states forth,
“for a period of five years, a broker-dealer operating under the circumstances set forth in the statement will not be subject to a Commission enforcement action. “
The commission also requested relevant businesses for comment and the statement will become effective 60 days after publication in federal register.
The post Breaking: SEC Issues Statement For Digital Asset Brokers Holding Security Tokens appeared first on Coingape.