SEC Steps Up Its Actions on Crypto Regulation
The Division of Examinations of the U.S. Securities and Exchange Commission (SEC) has stated that in its work in 2023, it will focus on new technologies and cryptocurrencies.
The division will examine broker-dealers and registered investment advisors (RIA) using fintech in the context of cryptocurrencies. This includes the implementation of new technologies for investor account management.
The division aims to ensure that RIAs comply with established standards for servicing and adhering to them. Thus, companies will be under scrutiny when making recommendations, soliciting referrals, or providing financial advice. It will also be scanned if the firm periodically reviews, updates, and improves its compliance policies, disclosure, and risk management.
Today, we announced the examination priorities for 2023. The division annually publishes its priorities for conducting examinations to gain insight into its risk-based approach.