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SEC Conducting Crypto Sweep Among Advisers, Report Says

According to a report in Politico, the SEC is currently undertaking a sweep of investment advisers to seek out violations related to the custody rules, valuation and cybersecurity. Politico reported that the enforcement division earlier this year sent out subpoenas and informal requests for information about initial coin offerings, and OCIE has begun to ask advisers about investments in cryptocurrencies.  According to sources not named by Politico, the sweep is focusing on how advisers are storing their crypto assets, possible price manipulation and the assets’ vulnerability to cyberattacks. Meanwhile, the SEC announced settled charges against the founder of EtherDelta, a digital "token" trading platform, the agency’s first enforcement action based on findings that the platform operated as an unregistered national securities exchange.

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