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SEC Advises Brokers and Investment Advisers to Strengthen Due Diligence When Recommending Cryptocurrencies

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Today’s Cryptocurrency Headline

 

The US Securities and Exchange Commission (SEC) has issued a new announcement suggesting that brokers and investment advisers should strengthen their due diligence when recommending cryptocurrencies to ensure that risky products are in the best interests of their clients. An employee bulletin released on Thursday outlined advisors’ responsibilities to clients, with particular mention of cryptocurrencies. According to SEC guidance, “certain products are more complex or have additional risk features, which may make it more difficult for firms and their financial professionals to develop an understanding,” and “cryptocurrency-based securities” fall into this category of products. Therefore, when brokers or advisors discuss cryptocurrencies with clients, they must ensure that clients understand these products and that recommended crypto products are suitable for the client’s specific financial situations.

 

BingX’s Bitcoin Chart

Source: TradingView & BingX

In the past 24 hours, Bitcoin has experienced a 2.56% decline and hit an intraday low of $28,010.00. The top cryptocurrency has struggled to recover quickly, and its Relative Strength Index (RSI) is now below the midpoint, indicating a potential loss of its upward momentum. To avoid a shift in market sentiment, the bulls must push the price above the 20-day EMA ($28,907). However, if the price falls below $28,000, the pair could potentially drop to $26,500.

 

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