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In a new statement, the SEC announced that an investigation will be conducted into the hosting of cryptocurrencies on crypto money exchanges. The SEC also responded to questions about security tokens. According to the SEC announcement, institutions that trade security tokens will be able to continue this for another 5 years.
The Securities and Exchange Commission (SEC) today announced the custody of digital asset securities by institutions to foster innovation with respect to the application of Rule 15c3-3 of the Stock Exchange Act to asset securities. digital.
The SEC issues a statement and requests comment on the custody of digital asset securities by brokers for special purposes https://t.co/IXYCDgqhiu
– SEC_News (@SEC_News) December 23, 2020
The SEC responded to long-term questions, according to an announcement made on Dec. 23. The SEC requested comment on the matter and stated that it wanted to investigate the cryptocurrency industry.
Commercial institutions will be protected from sanctions for the next five years, according to the SEC’s announcement:
“In particular, the position of the commission, which expires after five years from the date of publication of this notice, is that it will not be subject to a commission sanction procedure for organizations operating under the conditions specified in Section 4. “
In summary, it was stated that institutions that comply with the rules of section 4 will not be subject to sanctions.
In addition, the commission requests comments to provide the opportunity to obtain additional information on emerging standards and best practices regarding the safekeeping of digital asset securities. This knowledge will serve to inform possible future action by the Commission in this area.
The Commission’s statement and request for comments are located on the Commission’s website and will be effective 60 days after publication in the Federal Register.
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