The Commission on securities and stock exchanges (SEC) the US is prepared to thoroughly examine the activities of some hundreds of hedge funds related to the cryptocurrency.
The initiative has nothing to do with inspections of dozens of other companies, the SEC suspects in violation of the securities laws through initial offers of coins (ICO).
While the inspectors have reported any suspicious activities, the main objective of this initiative is to obtain information necessary to understand what policies the SEC to cryptocurrency.
The expert from Schulte Roth & Zabel LLP, a firm that advises hedge funds, said that “the SEC is a way to gather information and learn about important new technologies and products”.
The process will begin within the next two months, according to a source from the Wall Street Journal. The experts will check the compliance of the assets acquired by the Fund managers, those that they advertise to investors. The SEC will also consider documents in which the investors set out information about the risks to determine how much detail the paper explain the strategy of trading cryptocurrencies. The SEC has identified at least 100 governing private foundations whose assets are stored primarily in bitcoin.
According to the WSJ, often hedge funds own cryptocurrency, but private companies can also be checked, if the funds own the digital assets either directly or through a company related to cryptocurrencies.
The SEC regulates the activities of private Fund managers, who commands about $150 million US. Also the SEC has the authority to periodically check a small firm. In 2017 have begun work 84 cryptocurrency hedge Fund.
Validation of hedge funds is a logical step in the policy of strengthening control of the financial regulator of the United States. Earlier this month, the SEC issued addressed to the cryptocurrency community notification, which announced that the platform for trading cryptocurrencies must be registered with the SEC.