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On August 9th, local time, the U.S. Central Command stated that on August 8th, U.S. Navy personnel were performing maintenance on F/A-18 Super Hornet fighter jets aboard the USS Abraham Lincoln aircraft carrier to ensure the carrier strike groups equipment remained operational and to continue strictly enforcing the naval blockade against Iran. As of that day, the U.S. military had diverted 53 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. In addition, the U.S. military allowed more than 30 ships carrying humanitarian aid to pass through the blockade zone.On August 9th, US Vice President Vance stated on the 8th that the US and Iran are in dialogue, and the US-Iran conflict remains in the "middle of the game." In an interview with Fox News that day, Vance said the US-Iran conflict is not over, "but its clearly no longer in the initial stages, but has entered the middle stages." He stated that the US is using a combination of diplomatic, economic, and military means to ensure the best possible outcome. Vance said the USs current primary focus is "to maximize the amount of oil and gas transported through the Strait of Hormuz," and the US is observing whether Iran is willing to make the necessary long-term changes to establish a better relationship with the US. If Iran is unwilling, the US will continue to exert pressure. Vance also said the US is trying to establish a navigation mechanism to ensure the safe passage of ships. This includes mine-clearing operations, and "also requires a commitment from Iran to guarantee that it will not fire on merchant ships."The U.S. Geological Survey reports a 4.7-magnitude earthquake that struck the Kermadec Islands at a depth of 10 kilometers.Saudi Arabia reiterated its firm support for the legitimate Yemeni government.On August 9th, Ukrainian Foreign Ministry spokesman Tishi stated on the 8th that Ukraine is maintaining close contact with Bulgaria to ascertain the specific circumstances surrounding the drone crash in Bulgaria that day. He emphasized that the Ukrainian military did not intentionally launch any equipment towards Bulgaria. Tishi said that Ukraine is verifying all the circumstances and relevant technical facts of the incident and is willing to cooperate with Bulgaria to ascertain the details.

U.S. securities regulator probes investment advisers over crypto custody

Cory Russell

Jan 30, 2023 15:06

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Since the collapse of cryptocurrency exchange FTX, the SEC has been investigating advisors' attempts to adhere to agency regulations regarding custody of clients' digital assets, but the investigation has picked up steam, according to the sources. They agreed to speak on the condition of anonymity because the probes are private.


Advisors who are in charge of a client's digital assets often store them with a third party.


According to one of the individuals, SEC enforcement personnel are requesting information from investment advisors on the steps taken by their companies to determine custody for platforms like FTX. The extensive enforcement campaign, which has not previously been publicized, is an indication that the top U.S. markets regulator's investigation into the cryptocurrency business is now covering more established Wall Street companies.

A SEC representative refused to comment

Investment advisors are prohibited by law from having custody of client money or securities if they don't adhere to specified asset protection standards. Although the SEC does not maintain a particular list or provide licenses to companies to become such custodians, one of these requests that advisors keep such assets with a company judged to be a "qualified custodian."


According to lawyers who spoke to Reuters, the SEC's probe shows that the agency is focusing on a long-brewing problem for conventional corporations looking to engage in cryptocurrencies. The agency's accounting guidelines has limited the alternatives available to advisors looking for custodians by making it too capital-intensive for many lenders to retain digital assets on behalf of customers.


"Investment advisors clearly have a compliance problem with this. Anthony Tu-Sekine, head of Seward and Kissel's Blockchain & Cryptocurrency Group, stated: "If you have custody of client assets that are securities, then you need to custody them with one of these certified custodians.


"I believe the SEC can make the decision easily."


The SEC increased the size of its cryptocurrency team last year under Democratic leadership, making it a priority enforcement area. However, the regulator is now under increased pressure to crack down on cryptocurrency in the aftermath of a string of industry-wide bankruptcies and the publicizing of U.S.


 accusations against Sam Bankman-Fried, the founder and former CEO of FTX, for allegedly committing fraud. He entered a not-guilty plea.


Former Alameda CEO Caroline Ellison and former FTX Chief Technology Officer Gary Wang, two of Bankman-colleagues, Fried's have both admitted to cheating investors and promised to collaborate.


The SEC has also been asking FTX stock investors for information on their research procedures before making their investments in the cryptocurrency exchange.


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