SEC: Broker-Dealers With Custody Must Comply With Customer Protection Rule

Countless crypto firms have been waiting to snag operating licenses from the Securities Exchange Commission (SEC). The Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities is finally broaching the law as pertains to crypto. The July 8 statement is a collaborative effort between the SEC and the Financial Industry Regulatory Authority (FINRA).

The two bodies have been in discussions with digital asset securities industry stakeholders seeking broker-dealer certification.  Gemini the crypto exchange is one of the most recent firms seeking said approval. The joint statement has, as a result, outlined factors that the regulators will use when granting or denying the permissions to crypto companies.

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