The SEC proposed new rules to establish a regulatory framework for how investment advisers and regulated funds can custody cryptocurrency assets, modernizing outdated regulations and removing barriers to crypto investment advice while allowing funds to offer broader crypto strategies.
The SEC charged Meyer Global Management and CEO Owen Meyer with defrauding retail investors through schemes involving SpaceX and other pre-IPO securities. The defendants allegedly misappropriated client assets for personal expenses, inflated account values, and failed to address capital call obligations, causing investors to lose nearly $3 million in their SpaceX investment.