US Lawmakers Ask SEC to Clarify Broker-Dealer Rules
U.S. lawmakers asked the SEC and FINRA to clarify how crypto firms can become registered broker-dealers and provide custody services for crypto assets.
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INX Limited, a cryptocurrency exchange that went public on Ethereum last month, agreed to purchase U.S. broker-dealer Openfinance Securities.
According to the U.S. lawmakers, the infrastructure law contains an “overly-broad interpretation” of what a broker is and places the reporting burden on individuals who may not have the necessary information to comply. A bipartisan group of U.S. senators have called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law by President Joe Biden around the tax reporting requirements on crypto.In a Tuesday letter, Senators Rob Portman, Mike Crapo, Pat Toomey, Mark Warner, Kyrsten Sinema, and Cynthia Lummis urged Yellen to “provide information or....
On Thursday, Apifiny, a global digital asset trading and mining network, announced the company’s subsidiary Apifiny Prime has been granted a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The firm now joins the ranks of brokerage and exchange businesses like Coinbase, Etoro, and Circle. FINRA Grants Apifiny Prime a Broker-Dealer License The leading regulator that oversees American broker-dealers, FINRA has granted a broker-dealer license to Apifiny Prime. The license allows Apifiny to make private investor placements and vend securities,....
The SEC's broker-dealer guidance was generally welcomed as a step in the right direction by industry players.
Several members of the Congressional Blockchain Caucus are calling for more clarity on broker-dealer rules from the U.S. securities regulator. Nine members of congress have written a letter asking the Securities and Exchange Commission to get its security token guidance straightened out.In a Dec. 9 letter to SEC Chairman Jay Clayton, several members of the Congressional Blockchain Caucus led by Tom Emmer (R-MN) asked the commission to verify rules as to which broker-dealers can custody digital securities. Broker-dealer licensing is required to sell securities in the U.S. The letter also....