US-registered crypto brokers and dealers will get increased scrutiny from the securities regulator this year, as per its recently published 2023 examinations priorities.
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States' securities watchdog this year.from the Securities and Exchange Commission’s Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering, selling or making recommendations regarding digital assets.
It stated that SEC-registered brokers and advisors will be closely watched to see if they followed their “respective standards of care” when making recommendations, referrals and providing investment advice. Today we announced the Division of Examinations 2023 priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach.The SEC will also be examining whether these entities “routinely” review and update their procedures to ensure they meet “compliance, disclosure and risk management practices.”
This announcement was similar to the SEC’s priorities released in 2022, however it seems this year the regulator is putting more emphasis on standards of care and practices by brokers, rather than their consideration of unique risks presented by “emerging financial technologies”
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