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The U.S. Securities and Exchange Commission (SEC) has charged and settled with crypto-focused Galois Capital Management LLC, a former registered investment adviser based in Florida, for violations of the Investment Advisers Act's Custody Rule. The SEC alleges that Galois Capital failed to properly safeguard client assets, including holding some of these assets in accounts with the now-bankrupt exchange FTX. The firm has agreed to pay a $225,000 civil penalty. Galois Capital neither admitted nor denied the findings but settled the charges related to FTX-linked custody failures and misleading investors about redemption notice periods.
Yet Another SEC Crypto-Victory: This Time Against Galois Capital Management LLC for (Among Other Things), Breaching Their Fiduciary Obligation Owed to Customers by Putting Their Clients Into Crypto Galois, an investment adviser that lost client funds in the collapse of FTX just… https://t.co/tLgmODN2zo
1/ Another day, another attempt by the SEC to drive the crypto ecosystem offshore. The SEC claims Galois Capital failed to comply with the Custody Rule. Galois settled, but it’s worth digging into the Custody Rule and how the SEC uses it to discourage investments in crypto.…
SEC Charges Galois Capital for Crypto Custody Failures In a recent development that underscores the ongoing regulatory scrutiny in the cryptocurrency space, the U.S. Securities and Exchange Commission (SEC) has taken action against Galois Capital Management, a Florida-based…
