The SEC has issued the draft rules of a new consumer protection law that would give regulators more teeth in going after perpetrators of financial crimes while recognizing cryptocurrencies as “securities” that would also fall under their ambit.
“The draft rules will cover all financial products and services and financial service providers under the jurisdiction of the SEC. These financial products and services include credit, securities, and investments, including digital financial products or services which pertain to the broad range of financial services accessed and delivered through digital channels,” the SEC said.
It could also disqualify or suspend directors, trustees, officers, or employees; impose fines, suspension or penalties and issue cease and desist orders to entities covered under the law.“In case profit is gained or loss is avoided as a result of the violation of the FCPA or investment fraud, a fine not more than three times the profit gained or loss avoided may also be imposed by the SEC,” the corporate regulator said.
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