American regulators are increasing their activity in relation to cryptocurrencies, which is giving rise to changes in the policies of international companies and social networks. Now the turn has come to the US Securities Commission.
At the beginning of the month, the SEC obliged cryptocurrency exchanges to register with the department. The Commission's next step was the intention to audit almost 100 hedge funds over the next two months.
The audit is in no way related to suspected violations of legislation attributed to ICO campaigns, writes The Wall Street Journal.
Department employees will analyze the compliance of the assets acquired by fund managers with the assets specified in the documentation. In addition, the risk probability data provided to stock investors and the correctness of the description of the cryptocurrency trading strategy will be checked.
The agency directly checks the managers of private funds that manage at least $150 million.
According to Mark Elowitz, a partner at Schulte Roth & Zabel LLP, which works with investment hedge funds, the check is aimed only at obtaining information about the latest technologies and products that receive funding through ICO.
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