- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
FINRA wants the brokerage firms and exchanges it oversees to alert it if they engage in activities related to digital assets and cryptocurrencies.
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The SEC has filed a lawsuit against cryptocurrency startup ICOBox, a California company in the business of facilitating other companies’ ICOs, and its founder for conducting an illegal securities offering of its digital tokens and for acting as unregistered brokers for other digital asset offerings.
Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.
With no explicit guidance in GAAP on how to account for business done in digital currency, Big 4 firms are starting to arrive at conclusions of their own.
