Membership Application Program: Reviewing and Approving Digital Asset Firms
FINRA Unscripted
English - November 01, 2022 10:30 - 24 minutes - 22.1 MB - ★★★★★ - 45 ratingsGovernment Business finra compliance regulation regulator financial services stocks bonds stock broker brokerage firm investing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The market for crypto assets has seen continued growth and firms are looking for ways to get involved in the digital asset space. So far, about two dozen firms have been approved by FINRA to provide services in securities backed by digital assets. And more firms are looking to follow in their footsteps.
On this episode, we hear from Armando Valdes, an application manager with FINRA’s Membership Application Program (MAP), and David Aman, a senior advisor with the Office of Financial and Operational Risk Policy within the Chief Legal Office, about the role FINRA’s MAP team is playing in the digital asset space, some common sticking points in these new and continuing member applications and how FINRA is working to support innovation while protecting investors in this dynamic environment.
Resources mentioned on this episode:
SEC/FINRA July 8, 2019 Joint Statement on Broker-Dealer Custody of Digital Asset Securities
SEC Statement on the Custody of Digital Asset Securities by Special Purpose Broker-Dealers
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