In an announcement last week, the SEC’s Office of Compliance Inspections and Examinations (OCIE) has put new financial technologies, including digital assets, in their list of major concerns in 2020.
As reported in Cointelegraph, the OCIE made a similar announcement at the beginning of 2019. However, at that time the office said that:
“OCIE will continue to monitor the offer and sale, trading, and management of digital assets, and where the products are securities, examine for regulatory compliance.”
It only makes sense that OCIE would be on the alert for compliance, but today’s announcement may suggest a big change.
The OCIE’s 2020 priorities for crypto are a little different than the priorities they had in 2019. They seem more broadly interested in the positive potential of financial technologies. The office wrote that “OCIE also will continue to identify and examine SEC-registered firms engaged in the digital asset space”. This could mean — maybe indicating a less punishing stance towards crypto in 2020.
Speaking with Cointelegraph last month, SEC Commissioner Hester Peirce said he was interested in promoting a more flexible regulatory approach to crypto offerings. She said:
“The biggest thing the crypto community needs is a way to get from a securities offering to a utility token offering that is not covered by securities laws, or is not covered by the full panoply of the securities laws.”
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.