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.