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What is in FIT21 and what is not
FIT21 is narrowly targeted to achieve its cryptocurrency-focused objectives, and falls disappointingly short for the trust and estate industry and for individuals that desire to create a broader plan for their digital assets.
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Repost: McAfee Global Digital Asset Survey
In a 2011 survey, McAfee found that people in the U.S. valued their digital assets at an average of almost $55,000.
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Repost: Crypto Exchange Backed by Citadel Securities, Fidelity, Schwab Starts Operations
Alexander Osipovich describes EDX as “a ‘noncustodial’ exchange, meaning it doesn’t directly handle its customers’ digital assets.”
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Repost: FINRA’s first Special Purpose Broker Dealer (SPBD)
FINRA approves first Special Purpose Broker-Dealer to custody digital asset securities.
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Repost: Digital Planning Podcast
The Digital Planning Podcast, hosted by Jennifer Zegel, Ross Bruch, and Justin Brown, covers important digital issues that relate to estate planning, business planning, and estate administration.
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Working Group
Stable, long-term industry solutions for sensitive data and digital assets require that leaders collaborate as part of a working group.
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Client Assets Require Asset-Specific Solutions
Digital assets cannot be managed by custodians and other fiduciaries with traditional custody strategies alone. Those that want to manage all client assets must start by differentiating among them based on their unique characteristics to provide asset-specific solutions.
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Safeguarding Criticisms
Highlighting some of the common critical comments the SEC received to its Proposed Safeguarding Rule
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Artificial Intelligence and Password Security
Bad actors are increasingly using AI to improve the speed and efficiency of brute force password attacks, which can have devastating consequences for individuals and organizations.
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Executive Summary: SEC Proposed Safeguarding Rule
On February 15, 2023, the Securities and Exchange Commission (SEC) proposed amendments to rule 206(4)-2 (the custody rule) of the Investment Advisers Act of 1940 (SEC Proposal) and provided a fact sheet for reference. The SEC refers to their proposed changes as the Safeguarding Rule.