- Lawyer Bill Morgan sided with the SEC in its concerns over crypto exchanges co-mingling customer funds.
- Morgan said crypto exchanges often use the same platform for multiple roles, such as exchanges, broker-dealers, and custodians.
- The lawyer said customers should also be concerned about how crypto exchanges manage their assets.
Lawyer Bill Morgan, in a recent tweet on X (formerly X), said the U.S. Securities and Exchange Commission’s (SEC) criticism of crypto exchanges mixing customer funds is justified. Morgan said that while consumers can’t trust the SEC, the fact that crypto exchanges use one entity for multiple roles is also a concern. Indeed, the lawyer noted that some exchanges use the same platform as exchanges, broker-dealers, and custodians.”
Well said. Consumers can’t trust the SEC to protect them but the fact exchanges use one entity to fulfil multiple roles such as exchanges, broker-dealers, custodians and in those roles comingle customer assets is the SEC’s most valid criticism in its politically motivated… https://t.co/dPiCcxDCbu— bill morgan (@Belisarius2020) November 21, 2023
The lawyer’s comments came in reaction to a…
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