On July 8, the Financial Industry Regulatory Authority (FINRA) and the US Securities and Exchange Commission (SEC) reported the reasons for delays in deciding to license crypto-companies as broker-dealers.
USA: cryptocurrency solution
Now, the FINRA and SEC government agencies are considering the possibility of licensing cryptocurrency companies as broker-dealers. As is known, the decision has already been postponed several times, but did not explain the reasons for the delays. Yesterday, July 8, on behalf of the FINRA and the SEC, a document was published with explanations about the delays with the cryptocurrency decision.
The main argument of financial regulators was the possible risks that are associated with safety and the emergence of new issues of financial regulation. So FINRA and SEC wondered about the ability of cryptocurrency companies to comply with the rules for protecting their customers. In addition, according to the document, regulators reported that previously adopted protection laws are relevant to securities but may not be effective in the case of cryptocurrencies.
“As a threshold, market participants must recognize that the application of federal securities laws, FINRA rules and other legislation to digital assets, securities with digital assets and related innovative technologies, raises new and complex issues and problems related to regulation and compliance”, – FINRA and SEC.
The United States published a statement about the delay in the decision on cryptocurrency. Recall that in India they began to teach police about how to work with cryptocurrency assets.
Editor: Alyona Nabok