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Fidelity Continues Push into Digital Assets as Regulators Clarify Stance

A survey commissioned by Fidelity Investments found that 47% of institutional investors believe digital assets have a place in their portfolio, while 22% already own digital assets, MarketWatch reports. Fidelity is moving ahead with its recently launched cryptocurrency trading and custodial business, Fidelity Digital Asset Services LLC. The volatile digital assets industry continues to be plagued by security concerns as regulators at the state and federal level assess the landscape. The SEC staff recently published a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The Division of Corporation Finance also issued a no-action letter  indicating that it will not recommend enforcement action if certain digital tokens are offered or sold without registration under the federal securities laws. A client alert from law firm Ropes & Gray discusses the SEC staff’s framework for analyzing digital assets as well as the no-action letter in greater detail. The SEC will host a daylong event on fintech issues, including crypto assets, at its Washington D.C. headquarters on May 31, 2019.

 
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