State AGs Oppose SEC Rule Regulating Cryptocurrency
Facebook
Twitter
LinkedIn
Reddit
Messenger
Email
On May 8, 12 states led by Arkansas Attorney General Tim Griffin sent a letter to the Securities and Exchange Commission (SEC), opposing its recently proposed rule to give the commission the authority to regulate non-securities, including cryptocurrencies.
While the current rules give the SEC the authority to regulate investment advisors who hold a client’s fund or securities, the proposed rule would expand the SEC’s jurisdiction to any client assets under the investment advisor’s control. In the letter, the state AGs argue that the SEC does not have the legal authority to regulate assets other than securities, raising federalism concerns since the proposed rule may impose federal regulations on state-chartered trust companies and bank entities. The AGs contend that instead of imposing this rule, the SEC should wait for Congress to decide how to best regulate cryptocurrencies.
Read the full article at Troutman Pepper’s website
SEC Wrong on Crypto
SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.
#securitiesattorney #seclawcom #securitieslawyer