FINRA wants to continue knowing member firms’ crypto activities

Quick Take

  • FINRA has requested member firms to keep sharing information related to digital assets, such as whether they have been or intend to trade in cryptocurrencies, until July 31, 2020
  • The authority initially took the move last year, where it requested member firms to share such information until July 31, 2019

A U.S. financial watchdog has extended a program that will monitor cryptocurrency-related activities among brokers in the country. 

The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO) for broker-dealers in the U.S., said in a regulatory notice on Thursday, that it will continue an initiative it took on last year, in which it requested member firms to share information such as whether they trade or intend to trade cryptocurrencies, among other activities.  

Now the authority has extended the timeframe for another one year i.e. July 31, 2020, per the notice.

“As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets—e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities—FINRA believes it is important to keep the lines of communication with members open on this important topic,” the notice reads.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy