Before his recent graduation from law school, Braeden Anderson served as a legal extern at the regulatory agency FINRA, which is increasingly focused on the emerging field of cryptocurrencies. Braeden Anderson keeps abreast of changes in the regulation of digital assets and serves as an advisory board member in cryptocurrency and blockchain for AltCourt.org.
The digital-assets market has grown significantly over the past few years. Cryptocurrencies, virtual coins, and tokens have become more common in the financial world. This growth has attracted many retail investors. FINRA is committed to protecting investors from fraud and securities violations.
In this regard, FINRA recently issued a notice encouraging member firms to disclose their participation or intended participation in the digital-asset space. The notice, released on July 6, 2018, encouraged member firms to notify FINRA or its associated affiliates on whether it engages in activities relating to digital assets. FINRA defines participation in the digital assets market broadly to include (but not limited to):
-Purchasing, selling, or otherwise executing digital-asset transactions, whether individually or through pulled investments.
-Providing advisory services for digital-asset transactions.
-Purchasing, selling, or executing derivative transactions tied to digital assets.
-Participating in initial coin offerings.
-Creating platforms to support digital-asset trading.
-Mining cryptocurrencies.
-Accepting cryptocurrency payments.
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