The SEC is 'behaving like a merit-based regulator that sees itself as the arbiter of which technologies should exist in the United States,' says MattWalshInBos. 'And it is doing this covertly by manipulating esoteric but consequential rules.' Opinion.
The blockchain industry has attracted more than its fair share of scammers and fraudsters. The past two years have been especially painful as the collapses of Luna, Three Arrows Capital and FTX have brought the industry to its knees.
The SEC’s three-part mandate is to 1) protect investors, 2) maintain fair, orderly, and efficient markets and 3) facilitate capital formation. The SEC is supposed to be a disclosure-based regulator that is technology neutral, meaning they establish a framework for issuers to divulge pertinent information to investors, but do not unilaterally take a stance on which technologies ought to make it to market.
Every day I speak with startups that are moving offshore and established firms delaying hiring plans due to regulatory uncertainty. , which sought to update how institutions maintain customer records. The guidance states any bank that files financial information with the SEC must record customer funds as assets on the bank’s own balance sheet—running counter to the way banks are required to record every other asset.
to the “custody rule” section of the Investment Advisers Act of 1940. In the proposed rule, the SEC asks whether the definition of qualified custodians should be narrowed to only include banks or savings associations that are subject to Federal regulation. A change of this nature would prevent institutions like Fidelity and Coinbase, which operate under New York’s trust framework and have acted as qualified custodians for years, from holding assets for registered investment advisors.
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