A new executive order and bipartisan legislation will prescribe areas of jurisdiction for the SEC and the CFTC, as well as guidelines for consumer protection
Regional and global stakeholder interest in and curiosity about digital assets are growing across the financial services industry, even in the absence of a comprehensive U.S. federal regulatory framework. In a new Impact Report, U.S. Regulatory Developments for Digital Assets: Implications for U.S. Wealth Managers, research and advisory firm Aite-Novarica Group summarizes recent announcements from the Biden Administration coupled with impending bipartisan legislation, and evaluates its potential impact on the U.S. wealth management industry.
“Credible market participants are already building a secure and compliant crypto-ecosystem that is likely to support the EO,” said Wally Okby, Strategic Advisor at Aite-Novarica Group. “Wealth managers should engage with providers to understand the technological, risk, and business requirements necessary to provide access to digital assets and assess whether to build, buy, or rent digital asset infrastructure.”
“Beyond the early adopters, most wealth managers are still trepidatious about using digital assets,” adds David Himmel, Associate at Aite-Novarica Group and co-author of the new report. “A regulatory framework, with clear guidelines for investor protection is critical to meet investor interest and demand.
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.