Our new report – What Does 2023 Hold? Key Upcoming Developments and Enforcement Trends covers nine major areas we expect will shape 2023.
On February 9, 2023, the SEC announced that it had settled charges against the world’s third largest centralized crypto exchange by volume for offering a crypto staking program that the SEC deemed to be the offering and selling of unregistered securities.
Following a host of notable bankruptcy filings in the digital asset industry, the New York State Department of Financial Services (DFS) recently issued guidance (the DFS Guidance) to emphasize sound custody and disclosure practices for firms providing digital asset custody services to better protect customers in the event of an insolvency or similar proceeding.
Potentially in connection with the recent events rocking the crypto industry, FINRA is conducting a new sweep on “Crypto Asset Communications” by broker-dealers. If they haven’t already received the request, broker-dealers with crypto-related affiliates likely will be contacted. Notably, this is the first announced sweep that FINRA has issued in over a year.
Covering six key priorities related to digital assets. While this does not constitute a change in policy, it does highlight the administration’s desire to encourage both regulation and innovation in this space.
Crypto Boot Camp returns later this month after a successful series in 2021. This year, the virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector, including practical considerations when integrating crypto into established financial services, significant legal and regulatory risk, NFTs, DeFi and growth in the sector.