SEC Examination Office Lays Out Crypto Priorities for 2020
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SEC Examination Office Lays Out Crypto Priorities for 2020

January 8, 2020      Sandeep Kumar Mishra

The SEC’s Office of Compliance Inspections and Examinations has made public its list of examination priorities. The watchdog has highlighted digital providers and service providers as critical areas of concern. Although OCIE had listed these items in its previous annual priority lists, the latest publication of crypto priorities for 2020 provided valuable insights into how the office’s approach has evolved since 2018.

 

Addressing the Efficacy of Compliance Programs

Previous priority lists briefly mentioned initial coin offerings and the risks that digital assets would pose to potential investors. However, this year OCIE seeks to bring forth aspects like fund safety, trading practices, investment suitability, and efficiency of compliance programs. The document also highlights the staffers of crypto exchanges and funds and the supervision of their external business activities. Thus, the crypto priorities for 2020 would offer ample insights into the overall crypto domain.

 

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Digital Assets Pose Significant Risks: OCIE

The OCIE wrote that the rapid growth of the digital assets market would make the market fraught with risks. Thus, all stakeholders, including retail investors, would be at significant risk, especially if they didn’t adequately understand the differences between these assets and more traditional products. To this end, the crypto priorities for 2020 also entail examining transfer agents. It would include entities which act as intermediaries in securities transactions. They either develop blockchain technology or provide services to digital asset issuers.

 

Telegram’s Investigation

Amidst the crypto priorities for 2020 could be Telegram’s scrutiny of Telegram and its ICO. The SEC had recently filed a request with the court to compel Telegram to reveal how it had spent the $1.7 billion that it had raised during its ICO in 2017. The Telegram group was to launch its TON network and GRAM token by the last quarter of 2019. However, the SEC obtained a restriction order against the issuance as the ICO wasn’t registered with the regulatory body.

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Sandeep Kumar Mishra
Sandeep Kumar Mishra

Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.