The SEC released a guideline on Thursday that advises companies to disclose their role with digital commodities companies.
SEC Released New Guidance
On Thursday, the Securities and Exchange Commission (SEC) released new guidance. Which says the companies that issue securities need to disclose to investors their exposure along with the risk to the cryptocurrency market.
The following guidance came just a day after SEC Chair Gary Gensler defended the agency from claims that it failed to prevent crypto firms from misusing customer funds. Now, the companies need to describe any risks or material exposures related to crypto assets.
It can be seen that the new SEC guidance comes a month after the fallout of the world’s largest crypto exchange, FTX. The exchange filed for Chapter 11 bankruptcy. Then it loan customer funds to a risky trading firm, Alameda Research founded by its former CEO, Sam Bankman-Fried. The fall of FTX nearly affected more than 100,000 customers.
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