- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-18T17:09:00
The Financial Industry Regulatory Authority (FINRA) announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.
The announcement, made Monday, requests broker-dealers provide all retail communications on crypto assets made to 25 or more investors by them and their affiliates from July 1 to Sept. 30. Retail communications cover any electronic interaction and include written communications, video, social media posts, mobile applications, and websites. Communications covered by the sweep would be related to a service involving the holding or transaction of crypto assets, FINRA said.
The sweep comes as the Department of Justice (DOJ), Commodity Futures Trading Commission, and Securities and Exchange Commission each have indicated a desire within their agencies to oversee various portions of the crypto marketplace. The DOJ established a national cryptocurrency enforcement team. Although calls for increased regulation have been made for some time by regulators and legislators, the urgency to follow through might increase following the collapse of one of the world’s largest cryptocurrency exchanges, FTX, earlier this month.
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