FINRA Investor Education Foundation’s Post

The digital currency landscape continues to be treacherous terrain for Self-Managed Super Fund (SMSF) trustees, with a growing number of reports indicating significant losses due to a variety of factors, including scams, theft, and collapsed trading platforms. The ATO is urging trustees to educate themselves on the potential pitfalls of crypto investing, including the fact that many crypto assets are not classified as financial products. This means that the platforms facilitating their trade often lack regulation, increasing the risk of loss without recourse. Learn more: https://lnkd.in/gVzRUu2R

SEC Charges Crypto Trading Platform Beaxy.com and Its Executives for Unregistered Operations and Misappropriation of Funds: The world of crypto was shook on March 29, 2023 when the Securities and Exchange Commission took action against Beaxy.com …p class="read-more" a class="ast-button" href="https://lnkd.in/eGjqvR7v" span class="screen-reader-text"SEC Charges Crypto Trading Platform Beaxy.com and Its Executives for Unregistered Operations and Misappropriation of Funds/span Read More »/a/p https://lnkd.in/eGjqvR7v

Classification of some cryptocurrencies as securities by the SEC was seen in the crypto community as really annoying and red tape to make business more difficult. I just realised that it was actually not fully negative. The SEC and regulators by doing this recognized cryptocurrencies to actually be a serious financial instrument. (By comparing them to traditional securities) It is then when they recognized crypto as something serious, threatening and worth regulating. By doing this they give crypto credibility. First they ignore you, then they laugh at you, then they fight you, <- last several years then they join you <- next stop this year Do you agree?

Between July 1st, 2022, to June 30, 2023, the CSA issued 758 investor alerts, cautions, and warnings to the public. 422 of those were related to crypto. Explore our full selection of highlights from our Year in Review report here: https://ow.ly/ORqR50Qfuqy

🚀 The US House Financial Services Committee voted to overturn SEC's SAB 121, paving the way for banks in crypto custody! 🏦 The resolution, introduced by Rep. Mike Flood and Rep. Wiley Nickel, aims to eliminate barriers hindering banks from becoming digital asset custodians. 🔗 SAB 121, introduced in March 2022, forces banks to record crypto holdings as liabilities, impacting regulatory obligations. 💼 If passed in the House and Senate, this resolution could reshape the crypto landscape, but challenges lie ahead. ⚖️ Emotions run high, with Rep. Tom Emmer criticizing SAB 121 as "illegal," while Rep. Maxine Waters sees irony in the move. 🤔 #CryptoRegulation #SEC #CryptoCustody #FinanceRevolution 🌐✨

As the SEC continues its onslaught against the crypto industry, including the filing of high-profile actions against Binance, which operates the largest crypto asset trading platform in the world, and Coinbase, a multi-billion-dollar crypto trading platform, FINRA has quietly approved OTC Markets to provide trading services for digital asset securities. #SecuritiesLawBlog #SEC #AnthonyLG

As the SEC continues its onslaught against the crypto industry, including the filing of high-profile actions against Binance, which operates the largest crypto asset trading platform in the world, and Coinbase, a multi-billion-dollar crypto trading platform, FINRA has quietly approved OTC Markets to provide trading services for digital asset securities. #SecuritiesLawBlog #SEC #AnthonyLG

With just a simple "Do you have crypto?" form, the risk of an audit increases. If you deny holding crypto when you actually do, take note: following the 2021 Infrastructure Act, brokers are now required to report 1099 information on crypto gains, losses, and other related data. Stay informed and remain compliant. 🔍📊

Watch our Daily Market Update for December 19, 2023 and stay up to date with today's market-moving events. 70.65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure: t.ly/WDPC1 #exclusivecapital #marketupdate #globaleconomy #bitcoin #brent #eur #aud