A former head of the Office of Internet Enforcement at the US Securities and Exchange Commission (SEC) says Morgan Stanley will attract government attention with its recent embrace of Bitcoin (BTC).
Morgan Stanley recently gave its wealth advisors the green light to pitch Bitcoin Exchange-Traded Fund (ETF) products to its wealthy clients.
On the social media platform become.
According to the ex-SEC official, Morgan Stanley’s attempt to push BTC ETFs to clients amounts to a “death wish,” as he believes most regulators see Bitcoin and other digital assets as a “new way” to move the money of to set investors on fire. .
“SEC and FINRA compliance personnel and SEC and FINRA enforcement personnel will have immediate access to every single record, document, email, text message, voicemail, phone call, etc. relating to Morgan Stanley’s bitcoin sales to retail investors .
This stunning, abundant and easily accessible treasure trove of evidence will be available not only to the SEC and FINRA at the click of a mouse in the form of a request for documents or testimony, but also upon request during a surprise on-site ‘for-cause’ inspection.
In my honest opinion, identifying violations will be like shooting fish in a barrel. So whoever the current compliance director of Morgan Stanley is, good luck with that.”
As of May 2024, Morgan Stanley reportedly owned 4.27 million shares of the Grayscale Bitcoin Trust (GBTC) worth $269.8 million.
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