{"id":136737,"date":"2024-09-04T17:00:00","date_gmt":"2024-09-04T14:00:00","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136737"},"modified":"2024-09-04T12:21:05","modified_gmt":"2024-09-04T09:21:05","slug":"sec-settles-with-cryptocurrency-firm-over-custody-rules","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/sec-settles-with-cryptocurrency-firm-over-custody-rules\/","title":{"rendered":"SEC Settles with Cryptocurrency Firm Over Custody Rules"},"content":{"rendered":"<p>The <strong><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-111\">settlement<\/a><\/strong> addresses allegations that Galois Capital violated custody regulations by using Fireblocks, which the SEC considers an inadequate custodian, and for having a potentially deceptive redemption policy.<\/p>\n<p>As part of the agreement, Galois Capital will pay a $255,000 fine but will not admit to or deny the SEC&#8217;s claims. The company <strong><a href=\"https:\/\/x.com\/galois_capital\/status\/1831015164688093539?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ\">expressed<\/a><\/strong> its satisfaction with resolving the matter and moving forward.<\/p>\n<p>Bill Hughes, an attorney at ConsenSys, pointed out on social media that the penalty is relatively minor compared to the costs of a full SEC investigation.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/do-kwons-bitcoin-wallets-see-massive-transfer-amid-ongoing-legal-battle\/\" title=\"Do Kwon&#8217;s Bitcoin Wallets See Massive Transfer Amid Ongoing Legal Battle\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/do-kwon-1-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Do Kwon&#8217;s Bitcoin Wallets See Massive Transfer Amid Ongoing Legal Battle<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Despite the settlement, Galois Capital defended its decision to use Fireblocks, arguing that it was the most secure option available for safeguarding its clients&#8217; cryptocurrency assets at the time.<\/p>\n<p>Crypto analyst Adam Cochran <strong><a href=\"https:\/\/x.com\/advisercounsel\/status\/1831008579848966253?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ\">found<\/a><\/strong> the SEC\u2019s actions surprising, particularly in light of the agency\u2019s past criticism for not preventing the collapse of FTX, which remains one of the most significant financial scandals in history.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Galois Capital Management, a cryptocurrency-focused investment advisory firm based in Florida.<\/p>\n","protected":false},"author":3,"featured_media":38930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22,26],"tags":[],"class_list":["post-136737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","category-cryptocrime"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Settles with Cryptocurrency Firm Over Custody Rules<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission (SEC) has reached a settlement with Galois 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