SEC in latest press release has provided five more years to digital asset brokers holding custody of security tokens who are following SECs guidelines. This press release comes as a breather for many digital asset and crypto brokers who were under fear due to SECs recent lawsuit on Ripple.
No Enforcement Actions For Digital Asset And Crypto Brokers Following SEC Guidelines
Cryptocurrency industry especially crypto brokers and exchanges are facing lot of heat in light of SECs recent $1.3 Billion lawsuit against Ripple. SEC published an official press release titled “SEC Issues Statement and Requests Comment Regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers”.
The press release emphasizes the rules laid out in the Securities Exchange Act Rule 15c3-3 to digital asset securities and states that SEC aims to utilize it to foster innovation in the custody of digital asset securities. The press release states forth,
“for a period of five years, a broker-dealer operating under the circumstances set forth in the statement will not be subject to a Commission enforcement action. “
The commission also requested relevant businesses for comment and the statement will become effective 60 days after publication in federal register.
