A group of nine congressmen has signed a letter addressed to SEC Chairman Jay Clayton, asking for more clarity around broker-dealer applications for companies in the crypto space. The signatories include Tom Emmer (R-MN-6), Bill Foster (D-IL-11), David Schweikert (R-AZ-6), and Darren Soto (D-FL-9), who co-chair the Congressional Blockchain Caucus, along with Warren Davidson (R-OH-8), Ted Budd (R-NC-13), Ralph Norman (R-SC-5), and Ro Khanna (D-CA-17), who are members. Dan Crenshaw (R-TX-2) was the only non-member to sign the letter. According to a press release from Tom Emmer's office, the congressmen request three ... (full story)

Dear Chairman Clayton: We write to encourage the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to address the issue of broker-dealer custody of digital securities. 1 On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter clarifying that national banks may provide custody services for cryptographic assets. In light of this development, we encourage the SEC to develop requirements necessary to custody digital securities and enable FINRA to approve broker dealer applications that meet these requirements. The United States ... (full story)