The US Office of Compliance Inspections and Examinations (OCIE) has suggested that 2019 will be a year of great activity on the cryptocurrency front for the Securities and Exchange Commission (SEC).
The latest report released by the OCIE says that the SEC will prioritize what it sees as risky crypto products and services, and monitor digital currency markets with more vigilance. Any product classified by the SEC as security will be prone to the usual regulatory compliance. The OCIE further stated that:
“For firms actively engaged in the digital asset market, OCIE will conduct examinations focused on, among other things, portfolio management of digital assets, trading, the safety of client funds and assets, pricing of client portfolios, compliance, and internal controls.”
The SEC has cited the protection of customer rights and the integrity of US capital markets as the main aims of the additional scrutiny being applied to cryptocurrency dealings.
Any tightening of control in the cryptocurrency space by the US regulators will not be favorably greeted by investors who are already unhappy with what most regard as SEC crypto overregulation. The regulator’s anti crypto chairman Jay Clayton has confirmed the aims of the OCIE report, suggesting that digital assets, ICOs, and distributed ledger technologies are an “area where the Commission and staff have spent a significant amount of time” and that this would continue into 2019.
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