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Home General News

SEC Unveils 2024 Examination Priorities, Promising Heightened Crypto Oversight

Hania by Hania
October 18, 2023
in General News, Bitcoin News
Reading Time: 3 mins read
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SEC Unveils 2024 Examination Priorities, Promising Heightened Crypto Oversight
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Table Of Content:

  • SEC Key 2024 Examination Priorities
  • In-Depth Crypto Asset Monitoring
  • Enhanced Compliance Practices and Operational Resilience
  • Custody Requirements and Beyond

The U.S. Securities and Exchange Commission (SEC) has released its 2024 examination priorities, and it’s evident that the regulatory body is stepping up its scrutiny of the crypto market. In a public disclosure, the SEC indicated its intent to focus on various aspects related to cryptocurrencies, reflecting the evolving landscape and growing investor interest in digital assets.

SEC Key 2024 Examination Priorities

The Division of Examinations within the SEC unveiled its examination priorities for the year 2024, shedding light on the areas where it will intensify its focus on protecting investors and maintaining the integrity of the financial markets. The SEC’s approach revolves around addressing emerging risks and preserving the well-being of investors, encompassing not only traditional financial instruments but also the rapidly expanding crypto market.

In-Depth Crypto Asset Monitoring

The SEC acknowledges the ever-present volatility and activity within the crypto asset markets and is committed to vigilant oversight. The Division of Examinations will continue to monitor the activities of registrants dealing with crypto assets, ensuring that they adhere to established standards and conduct themselves in a manner that safeguards the interests of customers and clients.

Also Read: SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns

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Specifically, the examinations will scrutinize the offer, sale, recommendation, advice, and trading of crypto assets, along with activities related to these assets or related products. By doing so, the SEC aims to assess whether registrants comply with the standards of conduct when advising customers on crypto assets, emphasizing the importance of adherence to regulatory protocols.

SEC Unveils 2024 Examination Priorities, Promising Heightened Crypto Oversight

Enhanced Compliance Practices and Operational Resilience

The SEC will also delve into the compliance practices of registrants involved in the crypto space. This involves a thorough review of their custody practices, compliance with the Bank Secrecy Act (BSA), risk disclosures, and valuation procedures. The intent is to ensure that registrants maintain up-to-date compliance practices, reducing the risk of financial misconduct, and enhancing operational resilience.

Operational resilience will be a critical aspect of the examinations, focusing on data integrity and the development of robust business continuity plans. By doing so, the SEC aims to strengthen the overall stability and security of the crypto market.

Also Read: Crypto Industry Alert: SEC’s Enforcement Chief Signals More Charges for Exchanges and DeFi

Custody Requirements and Beyond

The SEC is not only looking at the broader crypto market but also diving into specifics. It will assess whether advisers handling crypto assets comply with custody requirements laid out under the Advisers Act. This examination will serve to ensure that investors’ assets are adequately safeguarded and that proper custodial procedures are followed.

Moreover, the Division of Examinations will devote considerable resources to examining new or emerging risks, evaluating evolving products and services, responding to market events, and addressing investor concerns.

This comprehensive approach emphasizes the SEC’s dedication to protecting the interests of the public and maintaining the integrity of the financial markets. As the crypto industry continues to evolve, regulatory scrutiny and oversight are expected to play a crucial role in its maturation.

Tags: crypto newsCryptocurrenciessec rules
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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