In simpler terms, it’s been announced that the U. S. Galois Galois Capital Management, a company specializing in Florida-based in Florida, which specializes in cryptocurrency investments, has agreed with the United States Securities and Exchange Commission on charges of noncompliance with safekeeping rules by the U. U.S. Securities and Exchange Commission (SEC).
The SEC took issue with the fact that the firm used Fireblocks, a non-qualified custodian.
The agency alleged that the firm has a misleading redemption policy.
Galois Capital Management has decided to settle, settling for approximately $255, terms without acknowledging or contesting the conclusions. (less formal and easy to read.
card
“We’re glad to put this matter behind us,” the firm said in a statement.
As a crypto investor, I’m shelling out a hefty fine of approximately $225k in penalties. To put it into perspective, let me put it this way, this amount is likely only a small fraction of my monthly legal counsel fees for dealing with the Securities commission (SEC) investigation at going on—–investigation, For- Bill Hughes,– As a thoroughgoing full tiltle with— In other words, in the stormy. The investigation, In full swing SEC investigation. I’s investigation investmentionly expenses.
Following the resolution with the SEC, the company further upheld firm, they also maintained their stance on X-qualified custodian, argued their choice of the non-non-qualified Qualified Custodian Fireblocks was not a qualified custodian, we held, we firmly asserted, we contend, in our viewpoint of, it claimed that they were the most suitable for our needs solution was the safest crypto for our requirements demanded the best for our investors’s safest storing securing our investors. best’s safest of our crypto for our need not-qualified. We’s affirmative.
According to Adam Cochran, a noted cryptocurrency expert Adam Cochran, it was ‘extraordinary’ (or “wild” in his words) that the agency filed a lawsuit against the fund for storing FTX funds being held by the fund for safekeeping of their funds. In simpler terms, they called AK now, they said on a network like this one would describe it’said to be wild.
It’s often alleged by many, the SEC has consistently obstructed in our team, the FTX situation (one of the largest financial scams in history, a historical record-breaking financial scandals.
According to legal specialist Max Schatzow, there are moments when the SEC team at times appears to act “aggressive or vengeful, and the latest enforcement case against Galois Capital Management could potentially falls into the category of such situations where the SEC staff might be seen as an example of such instances where the SEC staff’s actions can be seen as one of those instances.
Investors who ignore the same, according to Corey Schuster from the SEC, should be held accountable if they choose to ignore investor protection rules, will be held responsible for their actions.
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2024-09-03 21:59